In a significant stride towards financial transparency and economic growth, Algerian President Abdelmadjid Tebboune announced the successful termination of 26,000 fictitious companies that had been siphoning funds from the public treasury. This move has resulted in Algeria’s significant progress in the ranking of nations known for their emerging institutions, moving from a lower stratum to a middle-tier position.
Economic Growth and Financial Resilience
Highlighting the country’s economic stability, President Tebboune revealed that Algeria’s economic growth has reached 4.2 percent, a figure acknowledged by international financial institutions. This positive growth is reflected in the country’s foreign exchange reserves, which now stand at more than $70 billion. Furthermore, non-hydrocarbon exports have reached a record of $7 billion.
Backing these figures, Algeria has signed the 2024 finance bill into law, predicting a 4.2-percent surge in the national economy. The bill forecasts an expenditure budget of 113.6 billion U.S. dollars for fiscal 2024, with public revenues anticipated to hit US$67.7 billion. The country also expects exports worth US$49.8 billion and imports totaling US$43.5 billion in 2024, projecting a trade surplus of US$6.3 billion next fiscal year. The reference price for crude oil has been set at 60 U.S. dollars a barrel through 2024-2026, marking a recovery in the Algerian economy.
Domestic Production and International Recognition
On the domestic front, Algeria has made strides in pharmaceutical production, with the country now producing 70 percent of its pharmaceutical needs locally. This achievement stands as a testament to Algeria’s commitment to self-sufficiency and economic resilience.
On the international front, the country’s efforts have not gone unnoticed. According to United Nations institutions and international financial organizations, Algeria now falls among countries with immunity against nutritional and debt crises. This recognition is a testament to the country’s robust financial policies and the effective management of its resources.
Boosting International Trade
In a move to bolster international trade and promote Algerian products on a global scale, President Tebboune revealed the establishment of permanent exhibitions in neighboring countries. This initiative is expected to facilitate the international promotion of Algerian products, thus contributing to the country’s economic growth and global recognition.
These recent developments in Algeria signal a new chapter in the country’s history, marked by economic growth, financial transparency, and international recognition. The nation’s progress is a testament to its resilience and commitment to sustainable development and financial integrity.
