"Algeria has enough funds and does not need external loans, but at the same time Algeria has to diversify its economy and focus more strongly on creating jobs for young people," said Farid Belhadj, World Bank Vice President for the Middle East and North Africa.
"Algeria has sufficient funds and does not need to borrow either from the World Bank or from any other body," Belhadj told APS. "The Algerian economy is based on hydrocarbons, and it is clear that this focus on hydrocarbons is not productive, so it requires change and diversification, but this needs to be done by extracting the potential of this country, which has enormous ingredients of greater innovation and creativity.”
He added, "This can only be achieved through removing some of the obstacles facing the private sector that are still preventing it from developing. For this reason, the Government should use education spending more efficiently by focusing more on the needs of the labor market where unemployment currently exceeds 11 percent. "
Source (APS, Edited)
