Algerian Finance Minister Abderrahmane Raouya, accompanied by the General Director of the Banque Agricole et Développement Rural (BADR), Boualem Djebbar, inaugurated a new BADR agency in Bouira on February 18. This event coincided with Algeria's National Martyrs' Day. The new agency is part of BADR's strategy to expand its network across the country, aiming for 350 agencies by 2020.
The BADR agency in Bouira is one of several initiatives to improve service quality and offer digital services to customers. According to Boualem Djebbar, BADR currently operates over 320 agencies nationwide and plans to open an additional digital agency in Bouira by March. This digital agency will be the fourth of its kind in Algeria, following three existing ones in Algiers.
During a press conference, Minister Raouya emphasized that this working visit aims to modernize the banking sector and provide better services. He highlighted that three priority sectors - national education, health, and higher education - will benefit from the lifting of project freezes. The government has prioritized these sectors, with potential future plans to unfreeze projects in other sectors.
Minister Raouya also discussed conventional financing, which is progressing according to plan. The goal is to cover the budget deficit, debts, and credits of state-owned enterprises Sonatrach and Sonelgaz, as well as promote funds at the National Investment Fund. Algeria's 2020 finance law forecasts a budget deficit of over 2,000 billion dinars, which will be covered by non-conventional financing.
The minister expressed satisfaction with the results of recent economic adjustments, citing resilience in the Algerian economy. Despite a relatively low growth rate, Algeria's economy is performing reasonably well compared to regional peers. Inflation is under control, hovering around 4-4.5%.
Minister Raouya compared Algeria's financial situation favorably to that of some Arab countries, but emphasized the need for vigilance. He assured that Algeria's public finances and debt are in a better state than those of several Arab nations, but prudence is still necessary.
Following the inauguration, Minister Raouya visited the Bouira Tax Center, inspected ongoing projects, and toured the regional exploitation group and local BADR agency. His visit concluded with stops at the Public Treasury and Financial Control headquarters.
Key points
- The Algerian government aims to modernize the banking sector and improve services.
- The country is working to cover its budget deficit through conventional and non-conventional financing.
- Algeria's economy shows resilience despite challenges, with controlled inflation and reasonable growth.
