✏️ BY: Dr. Hana Saada
Algiers, Algeria | June 13th, 2024 — In an interview with El Watan newspaper, Algerian Minister of Finance Laaziz Faid addressed the issue of inflation and the government’s strategies to combat it.
As a reminder, the inflation rate stood at over 9% in both 2022 and 2023. This rate has begun to decline, with it being at 7.4% as of last April according to the statistics bulletin from the National Office of Statistics (ONS).
“The government has chosen to combat inflation to bring its levels down. Evidence of this is that inflation is decreasing, as indicated by recent reports from the African Development Bank (AfDB) and the World Bank (WB). Moreover, historically, a significant portion of this inflation is imported inflation. Indeed, international prices have risen considerably, impacting all imported goods with inflationary pressures,” stated the Minister.
While the government attributes inflation to imported factors, international reports suggest that inflation is more driven by rising prices of fresh food products, amid a global disinflationary trend.
Responding to this perspective, Mr. Faid explained, “It is only now that disinflation has begun, which is also affecting our economy. Currently, there is indeed a noticeable decrease in prices… Previously, fresh products, which constitute 40% of the basket, saw significant increases. However, there is now a clear decrease in these prices in the market.”
Reducing Costs to Control Inflation
The Minister of Finance also addressed the issue of lowering bank interest rates. “We do not mandate the reduction of interest rates. It is a direction we provide to banks to work towards. Through this reduction, investment costs will decrease, impacting all products,” he elaborated.
When questioned about this decision conflicting with IMF recommendations to move away from ‘accommodative’ monetary policies, as described in their latest report, Mr. Faid responded firmly, “We are sovereign.”
He further added, “We are combating inflation and putting everything in place. While we do not have control over imported inflation, we observe a slight decrease in domestic products in recent months and will continue to work in this direction. By reducing costs, we control inflation,” he concluded.
About Dzair Tube Media Group
Dzair Tube has firmly established itself as a prominent player among Algerian digital news sites, offering a diverse and enriching content experience. The platform, available in Arabic, French, and English editions, captures the attention of a wide-ranging audience, amassing over half a million daily clicks.
A testament to its commitment to excellence, Dzair Tube received the prestigious President of the Republic’s Award for Professional Journalist in the Electronic Press category on October 22, 2022. This recognition underscores the platform’s unwavering dedication to upholding the highest standards of journalism.
With a significant online presence, Dzair Tube boasts 350,000 subscribers on YouTube, over five million followers on various Facebook pages, and 450,000 subscribers on Instagram. Its digital channel has become a hub for diverse programming, covering news, sports, entertainment, culture, and religion, catering to a broad spectrum of audience preferences.
Equipped with state-of-the-art studios and advanced technology, Dzair Tube’s digital channel has garnered substantial viewership for its varied programs. Hosting interactive discussions with influential figures across different domains, the platform actively fosters public discourse and engagement. Beyond news coverage, Dzair Tube extends its commitment to the production of marketing documentaries, short TV commercials, and high-viewership programs.
The success of the print edition of Dzair Tube’s sports newspaper, “Dzair Sport,” further highlights the platform’s impact, with over 50,000 daily downloads from the official Dzair Tube website.
Honored with the Media Leadership Award from the Minister of Communication, Mohamed Laâgab, Dzair Tube continues to shape the landscape of Algerian digital news, maintaining a position of influence and impact in the media industry.
