Algeria - Saba:
Algerian President Abdelmadjid Tebboune revealed that the country's foreign exchange reserves amount to approximately $70 billion, while the value of social transfers to support widely consumed goods ranges between $13 and $15 billion.
In his regular meeting with local media broadcast last Friday evening, Tebboune emphasized that the overall indicators of his country's economy are strong and encouraging, ruling out any austerity measures in light of the decline in oil prices in global markets.
He pointed out that inflation, which was estimated at 9.7% when he came to power at the end of 2019, currently stands at around 4% and will decline to less than that in the future, driven by planned investments amounting to 13,000 projects and the jobs they will create, as well as strong agricultural production, which amounts to $38 billion, slightly less than hydrocarbon revenues.
Tebboune emphasized that growth will not be less than 4%, explaining that Algeria will work to adapt its economy in accordance with the positive comments of the International Monetary Fund and the World Bank. He continued, "There will be no austerity, but better management. We have pledged to move towards an economy free of hydrocarbons, and our fate will no longer be tied to the price of a barrel of oil. Oil is a product whose price is tied to the stock market; sometimes it rises and other times it falls."
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