Bank of Algeria Governor Urges IMF Governance Reform
Algeria has underscored its support for a robust, quota-based, and well-resourced International Monetary Fund (IMF), advocating for its central role within the global financial safety net. This firm stance was articulated by Mohand Bouraï, Governor of the Bank of Algeria, during his participation in the 54th meeting of the International Monetary and Financial Committee. Held from October 16 to 17, 2026, as part of the annual gatherings of the IMF and World Bank Group, the meeting served as a platform for Mr. Bouraï to deliver a statement on behalf of the group Algeria represents within the committee. The nation called for decisive progress in reforming the IMF's governance structure and enhancing its financial capabilities to effectively tackle the escalating global economic challenges.
In this context, Algeria expressed its anticipation of completing remaining local procedures to approve increased member country quotas under the Sixteenth General Review. Concurrently, it urged for significant advancement in the Seventeenth General Review of Quotas, guided by the Diriyah principles. Algeria further emphasized the necessity of tailoring economic policies to each country's unique circumstances, prioritizing the restoration of macroeconomic financial stability, reducing deficits, and establishing a sustainable path for public debt. This approach also seeks to safeguard vulnerable populations and maintain public investment, thereby fostering sustainable and inclusive growth.
The Algerian statement highlighted growing risks to the global economy, even amidst its continued resilience. It pointed to the ongoing conflicts in the Middle East and Europe, alongside rising food and energy costs and inflationary pressures, as factors exacerbating uncertainty and increasing burdens on household budgets and public finances. Furthermore, the global growth outlook remains vulnerable to substantial downside risks, including the potential re-evaluation of technology-related assets. Algeria also called for greater clarity from the IMF regarding financing requirements and implementation mechanisms for proposed adjustment policies, particularly for low-income countries facing shortages in concessional financing. The nation reiterated its support for the IMF's efforts to adapt its policies, lending tools, and analytical frameworks to emerging economic challenges, stressing the importance of developing institutional capacities of member countries to facilitate necessary adjustments without compromising their developmental priorities amidst increasing global economic fragmentation and susceptibility to shocks.
