Algiers – President Abdelmadjid Tebboune reaffirmed on Thursday that Algeria will never resort to foreign borrowing despite pessimistic forecasts promoted by certain circles.
Speaking during a meeting with economic operators at the International Conference Center in Algiers, the President stressed: “Despite all negative predictions and everything that has been said about us, we are now in the sixth consecutive year without resorting to debt.” He added: “We have sufficient resources to manage the situation, and we will not turn to loans to cover daily needs or public management.”
The Head of State reminded that in his previous regular media meeting with national outlets, he had underlined Algeria’s ability to maintain financial stability despite fluctuations in oil prices, thanks to the diversification of economic partnerships and support for non-hydrocarbon exports.
President Tebboune also noted that Algeria’s foreign currency reserves are currently at “a satisfactory level,” having seen relative improvement in recent months despite declining oil prices. These reserves, he explained, are sufficient to cover Algerian imports for nearly a year and a half.
Reiterating Algeria’s stance, the President made it clear: “Algeria will not resort to debt or austerity policies,” confirming once again the country’s economic sovereignty and independence from foreign financial institutions. This position also reflects Algeria’s determination to preserve its decision-making freedom, in line with its historic role as a leader of independent policies in Africa and a firm supporter of peoples’ self-determination, including Palestine and Western Sahara.
