Economics Affairs

Rationalization of spending will not affect social achievements

APS - 29 December 2016

ALGIERS- Prime Minister Abdelmalek Sellal affirmed Wednesday that the strategy of the public authorities in the economic field is based on the change of the economic mode to liberate the national economy from the dependence on hydrocarbons, reassuring that the rationalization of spending will not affect social achievements.

“The public authorities’ strategy by 2019 is clear: oil will no longer constitute the only source of wealth and we aspire to change the economic model and diversify the national economy,” said the Prime Minister who was a guest at a programme of the Algerian Television, assuring that this change “ caused by the drop, since 2014, in oil prices will not have an effect on social achievements.”

“The provisions of 2017 finance law aim at achieving a qualitative leap in terms of socio-economic development,” added Sellal, affirming “the public authorities’ determination to maintain the State’s social vocation” pointing out that “the socio-economic situation will remain normal in 2017.”

“There is no question of austerity but of rationalisation of spending, the objective is to achieve an emerging economy by 2019,” he underlined.

Concerning the social front, Prime Minister reported a slight increase in fuel prices causing a reduction in the consumption, underlining that the prices of diesel haven’t been increased in order not to affect the fares of transport and agricultural products.

While broaching the facilities destined to investment, the Prime Minister affirmed an improvement of the bank financing for companies, the amount of credits having reached about DZD5,000 billion in 2015 rose to DZD9,000 billion in 20016.