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 IMF Executive Board praises Algeria for its good economic performances

WASHINGTON- The Executive Board of the International Monetary Fund (IMF) praised Algeria for its good economic performances despite the unfavourable global economy, and recommended the preservation of the macroeconomic stability and the development of strong non-hydrocarbon growth.

"IMF Executive Board praises Algeria for its sound economic results that it has continued to record despite a difficult international situation," said the IMF in its public information notice issued Friday following the meeting on 16 January as part of the annual assessment of the economy of each member state.

IMF Executive Board said that the GDP growth in Algeria reached 3.4% in 2013, against 2.5% in 2012, underpinned by domestic demand and a recovery in the hydrocarbons sector.

Like previous years, the foreign exchange reserves, which represent about three years of imports, "will remain comfortable" in 2013, while the external debt levels will "remain low," the source said.

However the PIN said that Algeria "is vulnerable to a prolonged fall in oil prices, rising food prices on international markets (notably wheat), a worsening global economy, particularly in the euro zone, and increasing domestic pressures in the country to use hydrocarbon rents."

Therefore, IMF Executive Board emphasized the need for "wide-ranging reforms" to diversify its economy, improve business climate and competiveness, increase productivity and boost growth, especially in non-hydrocarbon sector.

 (APS) Saturday 26 January 2013

 

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