BY: Dr. Hana Saada
ALGIERS- The press conference he held yesterday provided the Minister of Finance with an opportunity to address the issue of debt and the choices made by Algeria.
According to Mr. Faïd, Algeria, which is a shareholder in many international financial institutions, including the IMF and the World Bank, “has decided in recent years to no longer resort to external borrowing, which is a choice.” He added that “this is why external debt does not exceed 3 billion dollars, of which 1 billion is public debt and 2 billion is private debt.”
However, Laâziz Faïd did not rule out the possibility of seeking international financing for investments if needed, stating that Algeria’s solvency would facilitate the process.
“The process of joining the NDB is in its final phase”
On the other hand, the Minister of Finance announced that Algeria’s accession process to the New Development Bank (NDB) is in its final phase, progressing according to the agreed schedule. According to the minister’s explanations, details regarding Algeria’s participation rates in the capital of this multilateral financial institution are under review, in line with the directives of the President of the Republic, noting that “Algeria’s accession to the NDB will be announced soon.”
During his participation in the spring meetings of the Bretton Woods institutions, the Minister of Finance met with the President of the NDB, Ms. Dilma Rousseff, with whom he discussed the progress of Algeria’s accession process to this financial institution and bilateral cooperation in financing strategic development projects in the Algerian economy.
This topic had already been discussed last Wednesday in a statement from the Ministry of Finance, which reported on the discussions between Laâziz Faïd and the President of the New Development Bank (NDB), Ms. Dilma Vana Rousseff, whom he met in Washington on the sidelines of the Algerian Finance Minister’s participation in the spring meetings of the World Bank (WB) and the International Monetary Fund (IMF). It was thus learned that the progress of Algeria’s accession process to this international financial institution was discussed, and in this regard, Ms. Rousseff reportedly stated that “this process is proceeding according to the agreed schedule, and that the legal and institutional procedures for such accession are in their final phase of completion.”
Furthermore, the two parties discussed “future cooperation possibilities with our country in financing strategic and structuring development projects for the Algerian economy.”
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