The Algerian President Abdelmadjid Tebboune denied the concerns and estimates that indicate the possibility of erosion of the exchange reserves in Algeria, and the necessity to borrow from the International Monetary Fund.
Tebboune explained that "the voices that fear Algeria resorting to the International Monetary Fund due to the erosion of its exchange reserves, derive their fear from the rentier era when Algeria was importing $60 billion, of which $15 billion was the value of inflating bills and 25 percent of it was imports that the country did not need.
He also pointed out that "the country's need for basic food imports does not exceed $8 billion annually," calling on the government to "stop squandering public funds, rationalize spending and encourage national production and investment, in order to advance the national economy and ensure financial comfort for the country."
Tebboune furtherly stressed "the necessity to preserve the country's ability to fulfill its financial obligations by controlling its expenditures, especially those related to imports."
He added, "I will not say that we are in a good financial situation, but we are able to fulfill our financial duties. It is true that our what is left from out reserves of exchange amounts is approximately from 42 to 43 billion dollars, but we reduced imports and achieved oil revenues of 24 billion dollars despite the pandemic."
Source (Al-Araby Al-Jadeed Newspaper, Edited)
