Public Management

Algeria plans new economic and financial reforms to save $20bln in 2020

Algeria plans new economic and financial reforms to save $20bln in 2020
Wednesday, 15 July 2020 13:48

The government of Algeria aims to save $20 billion by the end of this year through the implementation of new economic and financial reforms. The information was reported following a council of ministers held on July 13.

According to President Abdelmadjid Tebboune (pictured), the reforms target the banking, tax, and commercial sectors. In the coming years, actions will focus on accelerating the digitalization and modernization of “the tax, land management, and customs sectors” and pursuing the implementation of the Islamic finance procedure to “stimulate the collection of savings and create new sources of credit.” The government also wants to recover the money circulating in the informal market and re-inject it in the formal market. Plans are also underway to recover, from the country's gold reserves, “funds frozen for decades in customs and seizures, ports and airports” and integrate them into the national reserves.

In the commercial sector, the government intends to reduce the level of imports, particularly services and maritime transport of goods, to preserve the foreign exchange reserves affected by the double effect of the covid-19 and the fall in oil prices. The pandemic that has already affected at least 19,206 people in Algeria continues to wreak havoc. The country anticipates a decline in its macroeconomic performance this year.

In the first quarter of 2020, for example, the trade deficit widened by 26% compared to the same period in 2019, while the authorities expect the level of foreign exchange reserves to drop from $51.6 billion to $44.2 billion. The Algerian government announced in May that the state would now halve its 2020 operating budget.

According to Finance Minister Aïmen Benabderrahmane, the country is ready to inject “immediately” for investment and economic recovery the equivalent of 1000 billion dinars ($7.7 billion) “to which should be added available $10 billion.”

Moutiou Adjibi Nourou

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector could grow to $20 bln annually and create 20 mln...
• BRICS plans a guarantee fund to reduce political and financial risks in developing countries.• The fund will be managed by the New Development Bank...
BEAC granted Afreximbank the first-ever foreign access to the CEMAC public securities market. Cameroon raised $359.3 million via a...
(EBID) - The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) held its 92nd Ordinary Session on June 30, 2025. The Board...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...

In Five Years, Francophone Africa Will be A Major Force in African Tech –Régis Bamba
03

• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina F...

BOAD Grants CFA10 Billion to Revive Boungou and Wahgnion Gold Mines in Burkina Faso
04

Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...

Côte d’Ivoire’s Fuel Price Cuts Haven’t Slashed Transport Costs–Yet
05

• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...

Burkina Faso: Vista Group Acquires Controlling Stake in Société Générale
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.