The International Monetary Fund (IMF)’s Managing Director Horst Köhler stated that Algeria has succeeded in restoring financial and monetary stability and has made progress in modernizing its economy at the conclusion of his recent visit to the North African state.
"While the Economic Recovery Program has contributed temporarily to growth, the sustained expansion needed to generate employment, reduce poverty, and increase general standards of living, requires structural reforms of the economy. Algeria's current strong fiscal and monetary position offers a window of opportunity to pursue these reforms, and to expand the social safety net,” stated Köhler.
The Director emphasized the need for the revitalization of the enterprise sector for an improved productivity and profitability. He also stressed the importance of a better regulatory environment for a better climate of transparency and accountability, which would encourage private sector development.
"My advice to all the countries of the Maghreb is to enhance economic integration in order to enlarge your markets, increase the region's attractiveness for investment, and accelerate growth. This will also enlarge the region's collective benefits from its Association Agreements with the EU,” Köhler stated.
“For Algeria, the Association Agreement provides a further incentive for restructuring because a more competitive enterprise sector will allow the country to draw greater benefits from closer economic links to the EU,” he added. — (menareport.com)
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