algerian prime minister stresses
Last Updated : GMT 11:59:16
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 11:59:16
Egypt Today, egypt today

Pledging to contain

Algerian Prime Minister stresses

Egypt Today, egypt today

Egypt Today, egypt today Algerian Prime Minister stresses

Algerian economy
Algiers - Rabia Khreis

Statements issued by Algerian Prime Minister Abdel Maguid Taboon reflected the increasing role performed by the Algerian businesspersons in the country’s political life. The businesspersons performed a major role in politics during the era of former Prime Minister Abdel Malek Salal.
He expressed his optimism over the future of Algerian economy during the coming period, saying that the country will witness economic progress during the coming period. He blamed the decline of oil prices for the current economic problem, stressing that the country needs serious measures to attract more investments to push forward the country’s economy.
He added, during his speech before the Algerian parliament, that the country will resume keeping freedoms, stressing that such atmosphere is needed to attract more investors during the coming period. He stressed that his government will take serious measure to contain the interference of businesspersons in politics, saying that the major role performed by the businesspersons in the country’s political life led the country to the current problems.
Algeria's new government is preparing the legal framework for Islamic finance and new Islamic bonds and will make changes to its welfare system, largely unchanged for decades, to offset lower oil prices, according to an official document.
The document gave the first indications of policy for Prime Minister Abdelmadjid Tebboune along with new ministers in the key portfolios of finance, commerce and energy. He was named by President Abdelaziz Bouteflika last month.
The North African OPEC member has seen its energy revenues, which account for 60 percent of the budget, more than halved due to the slide in crude oil prices, forcing the government to cut spending, look for new revenue and announce economic reforms.
Tebboune's government will "prepare the regulatory and legal framework relating to participatory funding ... and to issue sovereign bonds for participatory funding," according to its action plan.
Participatory funding is generally a reference to Islamic financing tools. It was one of the first times the government has so openly discussed such financing options, though authorities have said they plan a local bond that is interest-free, complying with sharia law which forbids interest payments.
Authorities in Algeria are cautious about changes to an economic system still largely state run. Many Algerians are also wary about changes that upset social peace following a 1990s war with Islamist militants that killed more than 200,000 people.
The government has in the past largely failed to diversify the economy away from oil and gas, which make up 94 percent of total exports revenue. But it is under growing pressure to speed up reforms and adapt to the new circumstances.
Tapping into money from the country's informal, parallel market, estimated by some at around $90 billion, is among the government's aims in opting for sharia-compliant funding. Tebboune's government also plans to reform the country's vast subsidy system as part of efforts to cut spending, a change to a system that in the past has helped maintain social peace.
Subsidy accounts for about $30 billion in state spending a year in Algeria, where the government subsidies everything from basic foodstuffs and gasoline to medicine, housing and education.
Algeria will remain committed to social welfare policy, but there are plans to "set up new mechanisms gradually so as to identify categories eligible for state aid in an efficient way," the government said in its action plan.
To achieve that goal, the government, named just weeks ago after last month's legislative election, will launch consultation with parliament, political parties and civil society to help smooth the changes.
Algeria has increased the prices of subsidized products including electricity, gasoline and diesel for the first time in years, but experts say the price rise is insufficient to cover production costs for those products.


Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

algerian prime minister stresses algerian prime minister stresses

Egypt Today, egypt today Modern colorful bedroom renovation

GMT 12:15 2017 Thursday ,21 December

Modern colorful bedroom renovation
Egypt Today, egypt today Paris Fashion Week: John Galliano goes co-ed on the catwalk
Egypt Today, egypt today For the Variety of Interior Design Styles

GMT 22:35 2017 Tuesday ,19 December

For the Variety of Interior Design Styles

GMT 10:11 2019 Monday ,19 August

Resist your appetite and weakness

GMT 10:14 2019 Monday ,19 August

Love a special date with you

GMT 05:09 2014 Saturday ,06 September

Power grid capacity fully restored in Egypt

GMT 23:48 2011 Saturday ,20 August

2011 Dodge Avenger

GMT 12:56 2017 Thursday ,21 December

Charlotte Connoley announces blog launch

GMT 12:58 2012 Thursday ,29 March

Cheque validity slashed to 3 months

GMT 08:42 2018 Thursday ,11 October

Kuwait reiterates support for Colombia peace agreement

GMT 05:29 2015 Saturday ,04 April

Land Rover to debut 2016 Range Rover Sport

GMT 11:12 2015 Thursday ,26 November

World facing 'grave environmental crisis'

GMT 12:58 2011 Thursday ,14 July

Apple pays user compensation over iPhone

GMT 10:59 2011 Saturday ,09 July

ISPs ready anti-piracy measures

GMT 22:01 2011 Monday ,09 May

Facebook driving more traffic to news sites

GMT 17:43 2011 Wednesday ,11 May

Google sets aside $500 mln for US ad probe

GMT 13:17 2015 Saturday ,18 April

Mass surveillance can never prevent extremism fully

GMT 12:40 2012 Tuesday ,10 July

First Spa Cenvaree to open in Vietnam

GMT 16:59 2013 Tuesday ,25 June

Bali\'s beautiful COMO Shambala Estate

GMT 11:18 2011 Monday ,30 May

Bionic eye that conquers blindness

GMT 13:52 2012 Thursday ,23 February

Horsebit collection from Gucci

GMT 02:24 2012 Sunday ,22 January

Versace New Eyewear Collection

GMT 04:32 2017 Tuesday ,18 April

Oil recoups losses; US oil output growth weighs

GMT 20:15 2017 Tuesday ,28 March

Iraqi Oil Minister: Qayara Well Fire Extinguished

GMT 18:36 2011 Wednesday ,10 August

Moratti pleased with Anzhi deal

GMT 07:44 2016 Saturday ,16 January

Hugo Boss reports record sales in 2015

GMT 14:48 2012 Tuesday ,07 February

Kamel Laabidi: A free media completes the revolution
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday