Algerian President Abdelmadjid Tebboune revealed that Algeria has implemented reforms to improve the business climate and attract investments in an effort to reduce dependence on oil.
President Tebboune emphasized that "Algeria will maintain spending on subsidies despite the financial pressures resulting from a drop in energy prices," and pledged to develop non-oil sectors to reduce dependence on oil and gas, which constitute 94 percent of total export revenues and 60 percent of the state budget.
The government's action plan includes improving the efficiency of the investment climate and ensuring legal stability, as both foreign and domestic investors complain about bureaucracy and frequent changes in the laws regulating investment in the country.
The action plan, which the Parliament will also discuss, aims to develop the agricultural sector to help cut spending on food imports, including grain and milk. The action plan will focus on continuing the national housing policy and mobilizing financial resources for it, in addition to enhancing purchasing power and improving care for most groups that need assistance.
The decline in revenues resulting from the (Covid-19) pandemic has curbed energy demand, reduced spending and postponed investment projects.
Source (Asharq Al-Awsat Newspaper, Edited)
