The Algerian President Abdelmadjid Tebboune called on the government to sell stakes in state companies and banks, as part of the economic reforms’ package aimed at reducing dependence on oil and gas, which represent 60 percent of Algeria's budget and 94 percent of total export revenues. The plan also aims to find effective solutions, open the capital of public companies, including banks, and move away from administrative management. Noting that bureaucracy and a lack of investment, especially from foreign companies, prevented Algeria from developing its non-oil sectors.
President Tebboune did not provide details on the number of the size of companies and banks included in the plan. Knowing that Algeria has six state-owned banks, which account for about 95 percent of total banking assets.
The Algerian president announced an economic growth of 3.8 percent, and reassured about the general economic situation in Algeria, emphasizing that all indicators, including the reports of the World Bank and the International Monetary Fund on the state of the country's economy, confirm the improvement of the situation in general.
Source (Asharq Al-Awsat Newspaper, Edited)
