Algerian Radio
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has commended the progress Algeria has achieved in recent years regarding investment promotion, digitalization, and the boosting of non-hydrocarbon exports, particularly highlighting Algeria's strong economic fundamentals.
In an interview with The Algerian Press Service (APS) on the eve of her participation in an international economic conference in Algiers, organized in partnership with the Bank of Algeria, Ms. Georgieva said: "We welcome the progress Algeria has recently achieved in strengthening investment and improving the business climate through the adoption of the Investment Law, the Land Law, and the establishment of the Algerian Investment Promotion Agency (AAPI), in addition to the steps taken in digitizing public administration." She noted that "these efforts were accompanied by progress in increasing non-hydrocarbon exports, which have more than doubled over the past five years."
She added that the Algerian economy "has recovered well since the Coronavirus pandemic, particularly regarding growth rates, supported by significant public investments, while inflation rates have declined." She pointed to "the priority given by the Algerian authorities to investment in digital infrastructure as well as transport and energy infrastructure."
In the same context, Ms. Georgieva explained that Algeria faces "opportunities and challenges simultaneously," stating that "rapid technological development aligns with Algeria's digitalization efforts" and that "the reorganization of global supply chains opens new horizons for attracting investment and expanding trade prospects," alongside the existence of "significant potential in renewable energy, including solar energy and green hydrogen."
She further indicated that "public policies and investments that have expanded internet access have effectively contributed to fostering an ecosystem for startups." She considered that "government investments in ports, railways, and logistics are capable of reducing trade costs and limiting delays, which improves Algeria's integration into regional and global value chains."
The IMF Managing Director stated that "efforts made by Algeria in the fields of hydrocarbons and renewable energies qualify it to play a pivotal role as a regional energy hub, through electrical interconnection works, renewable energy generation, and emerging green hydrogen projects." She noted that "these links can support industrial development, technology transfer, and cross-border job creation."
She highlighted that the conference comes at a time when regional cooperation is more important than ever, adding that in a "world where geopolitical risks are rising, trade patterns are changing, and global supply chains are being reshaped, strengthening economic integration among North African countries would help build resilience and achieve more sustainable and diversified growth."
Regarding her first visit to Algeria on the occasion of the international economic conference, Ms. Georgieva explained that it constitutes an opportunity to deepen the partnership between Algeria and the IMF in light of the "strong economic performance recently achieved by Algeria."
