Algiers – A coordination meeting was held today at the People’s National Assembly (APN) headquarters in Algiers, chaired by Vice-President Slimane Smaili, to prepare for an upcoming meeting with a delegation from the World Bank. The meeting underscores Algeria’s commitment to engaging with international financial institutions and highlighting the nation’s economic progress.
According to a statement released by the APN, the discussions centered on outlining the key topics to be addressed during the anticipated meeting. A primary focus will be the resilience of the Algerian economy in the face of ongoing global crises. Algeria, like many nations, has navigated a challenging economic landscape marked by fluctuating commodity prices, supply chain disruptions, and geopolitical uncertainties. The government is keen to showcase its strategies for mitigating these impacts and ensuring sustainable economic growth.
The meeting also provided an opportunity for consultation and coordination among parliamentary representatives, particularly in emphasizing the crucial role of the APN. As the legislative body empowered to ratify relevant legal texts, the APN plays a pivotal role in shaping Algeria’s economic and investment climate. The statement specifically highlighted the Investment Law, which includes attractive tax incentives designed to stimulate both domestic and foreign investment. This law is seen as a cornerstone of Algeria’s efforts to diversify its economy and reduce its reliance on hydrocarbons.
The Investment Law, passed after considerable debate and refinement, aims to create a more transparent and predictable investment environment. It offers a range of incentives, including tax breaks, streamlined administrative procedures, and guarantees against nationalization. The goal is to attract foreign direct investment (FDI) in key sectors such as renewable energy, agriculture, and manufacturing, thereby boosting job creation and technological transfer. The World Bank delegation’s visit is seen as an opportunity to showcase the potential of this law and to solicit feedback on how it can be further improved.
The meeting was attended by key figures, including Samira Berhoum, President of the Committee on Economic Affairs, Development, Trade, and Planning, as well as Mohamed Khalassi, Vice-President of the Finance and Budget Committee, along with other committee members. Also present was Moad Merabet, a representative from the Ministry of Finance, demonstrating the cross-governmental coordination involved in preparing for the World Bank delegation’s visit. The presence of these officials highlights the importance Algeria places on this engagement and the seriousness with which it is approaching the discussions.
The Algerian government is actively pursuing a strategy of economic diversification, moving away from its traditional dependence on oil and gas revenues. This strategy includes promoting investment in non-hydrocarbon sectors, developing renewable energy sources, and fostering a more robust private sector. The meeting with the World Bank delegation is expected to cover these topics extensively, providing an opportunity to showcase Algeria’s progress and to seek support for its ongoing reform efforts.
Furthermore, the talks are expected to address the impact of global economic trends on Algeria, including inflation, interest rate hikes, and the potential for a global recession. The Algerian government will be keen to demonstrate its preparedness to navigate these challenges and to maintain economic stability. The Central Bank of Algeria has been actively managing monetary policy to control inflation and to protect the value of the Algerian dinar. The government has also implemented measures to support vulnerable households and businesses affected by rising prices.
The upcoming meeting with the World Bank delegation represents a significant opportunity for Algeria to strengthen its relationship with a key international financial institution. It provides a platform to showcase the country’s economic achievements, to highlight its investment potential, and to seek support for its ongoing reform efforts. The Algerian government is committed to working closely with the World Bank and other international partners to achieve its economic development goals and to build a more prosperous future for its citizens. The focus on economic resilience and the Investment Law underscores Algeria’s determination to attract foreign investment and diversify its economy, positioning the nation for sustainable growth in the years to come. The Algerian delegation hopes to foster a productive dialogue and build a strong partnership with the World Bank, contributing to Algeria’s continued economic progress and stability.
