Algerian President Abdelmadjid Tebboune has emphasized the government's commitment to protecting citizens' purchasing power, stating that it is a "red line" that must not be crossed. During his regular media meeting with national press representatives, Tebboune noted that the current efforts aim to strengthen non-hydrocarbon revenues and ensure a high level of foreign exchange reserves by 2031.
Tebboune pointed out that most farmers are not responsible for the high prices, but those who have contributed to the issue must take responsibility. He stressed that the government must protect citizens' purchasing power, which is a top priority. The President also highlighted Algeria's advanced stage in digitalization, indicating significant progress in this area.
Regarding the country's foreign exchange reserves, Tebboune confirmed that they are expected to be high by 2031, driven by efforts to strengthen non-hydrocarbon revenues. He emphasized that the goal is not just to accumulate foreign currency but to achieve economic independence. Algeria's hydrocarbon sector has long been a significant contributor to the country's economy.
Tebboune also discussed Algeria's position on the global oil market, stating that the country will not act rashly and will only commit to agreements if there is a consensus among producers. He reiterated Algeria's commitment to its strategic partnerships, including those with Russia, America, and China, emphasizing that the country will maintain its independence in decision-making.
The President highlighted Algeria's strong commitment to African integration, citing several initiatives and projects aimed at promoting economic integration and cooperation among African countries. He mentioned the Trans-Saharan Highway and the Saharan Backbone Fiber-Optic Project as key examples of Algeria's efforts to drive regional development.
Tebboune also addressed the issue of financing for development in Africa, emphasizing the need for more resources to be mobilized to support economic growth. He called for a more equitable international financial system that better represents African interests. The President also stressed the importance of investing in human capital, citing Algeria's efforts to provide training and education opportunities for African students.
In conclusion, Tebboune emphasized the importance of translating commitments into concrete actions and results that benefit African citizens. He expressed hope that the African Union's development agency, the New Partnership for Africa's Development (NEPAD), will be strengthened to play a more effective role in supporting regional development initiatives.
Key points
- Algerian President Abdelmadjid Tebboune emphasizes the importance of protecting citizens' purchasing power.
- The President highlights efforts to strengthen non-hydrocarbon revenues and ensure a high level of foreign exchange reserves by 2031.
- Algeria is committed to African integration, citing several initiatives and projects aimed at promoting economic integration and cooperation among African countries.
