(Ecofin Agency) - Algeria has saved $5.4 billion in the past two years thanks to its import licensing system. The minister of commerce, Mohamed Benmeradi (photo), announced on Feb. 15, before the Algerian parliament.

This system, implemented by the Algiers in 2016, is part of the national policy for external trade regulation. Authorities said it helped the country save more than $3 million in 2016 and about $2.4 billion in 2017.

Regardless, government said this initiative did not meet all expectations. As a result, in January 2018, 900 items were banned from import to reduce the country’s trade deficit.

Let’s recall that in 2017, the Algerian authorities had announced they will end the system in 2018 and replace it with less “bureaucratic” and more “transparent” measures.

Moutiou Adjibi Nourou (intern)