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July 20, 2025 | 1 month ago

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The President of the Republic stresses the importance of building an economy free from dependence on hydrocarbons

ALGIERS-The President of the Republic, Mr. Abdelmadjid Tebboune, has stressed the importance of building an economy free from dependence on hydrocarbons, highlighting the need to increase the rate of economic growth and foreign exchange reserves, while lowering inflation.

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In his regular interview with representatives of the national media, broadcast on Friday evening, the President of the Republic reiterated his commitment to moving towards "an economy freed from dependence on hydrocarbons".

The oil market "is subject to contradictions, hence the imperative for Algeria not to depend on it", he insisted.

The national economy is currently recording a growth rate of 4%, without recourse to external debt, noted the President of the Republic, adding that foreign exchange reserves stand at $70 billion, with the inflation rate reduced from over 9% at the start of his first term to 4% today, to reduce it further in the future.

"It's not a question of austerity, but of good governance", he asserted.

The President of the Republic also indicated that the value of national agricultural production should reach 38 billion dollars this year, praising successful initiatives in the field, notably the wine-growing experiment in the wilaya of Boumerdès and apple production in the Aurès region, which is recording a surplus.

July 20, 2025 | algeria-logo

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