Algeria: MEPs call for non-conventional funding towards productive economy

  • 08 October 2017 / News / 523 / Emerging Africa

Algeria: MEPs call for non-conventional funding towards productive economy

MEPs of the National People’s Assembly (NPA) have debated, on Thursday, the bill to supplement and amend the ordinance on currency and credit, stressing on the importance of guiding the financing mechanism unconventional to the productive economy and wealth-creating activities, APS reported.

This measure must be accompanied, he added, by profound economic reforms which include rationalizing public expenditure, improving the business climate, revising State aid and gradually abolishing the rule 49/51 governing foreign investment in Algeria.Mr. Belkacem Sahli, an official of the Republican National Alliance said that the success of this measure, which is the cornerstone in the implementation of the Government’s Action Plan, depends on its orientation towards the financing of productive activities.

Ms. Aicha Touta of Tajamou Amel El Jazair (TAJ Party’s officals) said it was necessary to exploit this mechanism to increase domestic production and encourage investment by giving priority to the agricultural, financial and commercial infrastructure sectors.

MP of the National Democratic Rally (RND), Abderrahmane Yahia, has proposed finding alternative funding mechanisms other than the Treasury to finance infrastructure projects.

Meanwhile, MEP of the RND, Abdelkrim Meheni considered that non-conventional financing is not a sustainable form of financing but a provisional and sovereign measure whose objective is to prevent the country from resorting to external indebtedness and to promote non-hydrocarbon exports.

The Deputy of TAJ, Ouafia Bouraghda, considers that the use of this measure was a decision sovereign and essential to finance the projects and to revitalize the national economy.

source: dzbreaking

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