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Algeria has Capacity to Conduct Smooth Economic Transition

Source: Algeria Times 6/18/2016, Location: Africa

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Algeria has the capacity to conduct a smooth economic transition but it should accelerate its economic diversification through reforms, said senior officials of the International Monetrary Fund (IMF) in an interview with APS.

"Algeria is facing a major economic crisis owing to the falling oil prices for over two years, and which is likely to continue. But when the oil shock began, the country was not poor," said the head of IMF Middle East and Central Asia Department, Jean-François Dauphin.

Dauphin is leading the IMF delegation on visit to Algeria to update the country's economic data and discuss various issues, especially means to improve the technical capacities of Algeria's financial institutions.

The IMF official said that the oil shock had a "rapid and strong" impact on public funds and external accounts, which have significantly declined.

In this regard, he added that the major challenge for Algeria is restoring the macroeconomic balances and reviewing its economic growth model in order to reduce dependence on energy sector and public expenditures.

To that end, he underlined the need to move towards more diversified growth driven by the private sector.

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