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Algeria 'Controls' Economic Situation Despite Fall in Oil Prices

Source: Algeria Times 5/16/2016, Location: Africa

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Algeria is on the "right track" and "controls" the situation, despite the fall in oil prices in the in international market, said in Algiers Prime Minister Abdelmalek Sellal.

"We are on the right track and our policy is clear," Sellal affirmed on the sidelines of the 17th International Show of Tourism and Travel (SITEV).

"In spite of decline in revenues, Algeria has not been affected and will not be," he said as a reply to some foreign officials' allegations, reported by some media, on the impact of oil price decline on the Algerian economy.

"The remarks made by foreign officials will not affect our policy and our work, and we will not accept any interference in our affairs," the Premier underlined, stressing the need for protecting the State institutions, the national unity and the stability of the country.

In the same regard, Sellal added that the situation caused by the fall in hydrocarbon prices has, in the contrary, pushed the government to review its economic model, by diversifying the national economy, citing the role of the company in development and wealth generation.

Explaining that the government encourages the creation of companies, he recalled that during the last three years, some 24,000 private companies have been created, i.e. 70% of what was created during the last decade.

This shows that "we are on the right track," Sellal insisted.

The prime minister emphasized the importance of tourism and the role it can play in the development and the diversification of the national economy.

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