ALGIERS, 9 December 2004 — Algerian Prime Minister Ahmed Ouyahia yesterday announced a $50 billion (37.5 billion euro) economic development plan over the next five years. Speaking at a meeting of the North African country’s National Economic and Social Council (CNES), Ouyahia said “all conditions are right for steady economic growth in the coming five years.”
However, the prime minister also called for reforms in the financial sector, currently hampered by “reluctance on the part of banks to make investment loans”, rather than relying on tax revenues from state-owned companies.
Algeria will have to “meet the challenge to make improvements in the delivery of services” if the country wants to join the World Trade Organization within the five-year period and also implement finance and development agreements reached with the European Union, he said.
