BY: Dr. Hana Saada
ALGIERS- In a speech delivered on his behalf by Prime Minister Nadir Larbaoui at the IDA Summit, President Abdelmadjid Tebboune reiterated Algeria’s support for initiatives and mechanisms aimed at bridging the financing gap, alleviating the debt burden, and allocating necessary resources to Africa’s priority areas.
President Tebboune praised the efforts of the International Development Association (IDA) in Africa, particularly after allocating over 70% of its total commitments to the continent during the 20th IDA replenishment process.
The Importance of the IDA Summit
President Tebboune emphasized the significance of the IDA Summit in mobilizing resources for Africa, highlighting it as a crucial step in supporting the continent’s priorities and aspirations.
He noted that the summit provides an appropriate platform to discuss ways to address challenges posed by the current international context, particularly the unprecedented rise in debt levels, increased interest rates, and scarcity of funding, which have compelled poorer countries to cut necessary expenditures.
Algeria’s Ambitious Approach
President Tebboune stated that Algeria is pursuing an ambitious and qualitative approach in the resource replenishment process to contribute to increasing concessional resources, taking into account the needs of borrowing countries.
He emphasized that supporting Africa’s development is linked to accelerating the pace of continental integration.
President Tebboune’s remarks underscore Algeria’s commitment to supporting Africa’s development and addressing its financing challenges. The IDA Summit serves as a critical platform for discussions and initiatives aimed at enhancing Africa’s economic growth and resilience in the face of global economic uncertainties.
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