ALGERIA HAS EXCEPTIONAL OPPORTUNITY TO REDUCE DEPENDENCE ON OIL, SAYS IMF OFFICIAL

WASHINGTON, -- Algeria has an exceptional opportunity to shift to sustainable growth and reduce its dependence on hydrocarbons, says the leader of an International Monetary Fund (IMF) mission which visited Algeria, Jean Francois Dauphin.

He was quoted as saying on the IMF blog: "The country (Algeria) has an exceptional opportunity to focus on the implementation of essential reforms and thereby reshape its economy on a more perennial model."

Dauphin stressed that Algeria can reduce its dependence on hydrocarbons and diversify its economy, and suggested the setting up of the right incentives and a climate favourable for the development of the private sector.

He said the "(Algerian) authorities are totally aware of the necessity of this evolution and have recently adopted a strategy to reshape the country's growth model".

He also cited the reforms implemented by the government focusing on the gradual decrease in costly and unfair energy subsidies, the improvement of the business climate and the adoption of a new code on investments.

Discussing the impact of the drop in oil prices on the national economy, he underlined that Algeria had succeeded in coping with the oil shock, thanks to the established reserve fund in the form of budget savings, international reserves and low level of debts.

Source: Name News Network