Algeria establishes an approach to overcome financial crisis

  • 19 October 2017 / News / 440 / Emerging Africa

Algeria establishes an approach to overcome financial crisis

Algeria has established an approach that will allow it to overcome the financial crisis but reforms are needed, said Wednesday in Algiers, the Algerian Prime Minister, Ahmed Ouyahia.

Speaking at the opening of the third edition of the University of the Forum of Business Leaders (FCE), the Prime Minister estimated that the national construction that Algeria is conducting, under the leadership of President, Abdelaziz Bouteflika, found itself threatened in recent years by the sudden impact of falling oil prices in the world market.

To better understand the economic operators and the extent of the impact of this drastic drop in oil prices, the Prime Minister asked people to imagine what would be the situation of a company that would abruptly lose 50% of its turnover; and that’s what happened to the country.

Even companies have felt the impact of this financial shock through falling public investment or delays in paying companies that have provided benefits to the State and its dismemberments, as well as the decline in the availability of bank credit for investment projects. However, he noted, thanks to Mr. Bouteflika’s guidance, Algeria has established “an approach that will enable to overcome this financial crisis and not to expose the social welfare and the economy of the country to a serious regression”

source: dzbreaking

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