24 February 2016

Algeria to Cope With Effects of Drop in Oil Prices Through Sound, Strict Policy

Algiers — President of the Republic Abdelaziz Bouteflika affirmed Wednesday that Algeria is determined to "cope with the effects of the drop in oil prices through a sound and strict development economic policy."

"We have no plans to give up the necessary rigour to manage public resources and rationalize our financial options. I would like to affirm that we are determined to cope with the effects of the drop in oil prices through a sound and strict economic development policy," said President of the Republic in a message to the Algerian workers on the occasion of the celebration of the 60th anniversary of the nationalisation of hydrocarbons, read on his behalf by Benamar Zerhouni, adviser to the Presidency of the Republic.

"In spite of the acuteness of the crisis, Algeria is not planning to stop investing in the success factors of economic development and even less abandon its basic choices in terms of true national solidarity and real social justice," said President Bouteflika.

For the head of State, the emphasis, in the new Constitutional revision, on the need to diversify the economy (...) "reflects the State's firm willingness to rapidly implement structural changes to make our economy more competitive and allow it accessing the global market with more assets."

The diversification and competitiveness of the national economy are "urgent requirements in the current situation," said President Bouteflika, adding that all the companies must be the driving force of our national economic struggle.

The revision of the Constitution includes "fundamental provisions which reinforce our national choices in the economic field notably in terms of preserving the public property of mines, hydrocarbons and other vital sectors," said President Bouteflika.

Algeria

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