Algerian President Abdelmadjid Tebboune ordered the government to sell stakes in state-owned companies and banks as part of the long-awaited economic reforms.
This is the first time Tebboune presents tangible steps that the government should take, after his vow to reform the economy.
Reforms in Algeria aim at reducing reliance on oil and gas, which account for 60 percent of the state budget and 94 percent of export revenues.
The plan to open up state-owned firms to private capital intends to “find effective solutions” and avoid “administrative management”, the presidency added after a cabinet meeting chaired by Tebboune.
He did not give details on the number or size of companies and banks involved.
Algeria has six state banks, representing 95 percent of the banking assets.
Moreover, Tebboune underlined the recovery of the national economy, which recorded a growth of 3.8 percent.
He assured citizens about the economic situation, saying that all the indicators, including the reports of the World Bank and the IMF speak of progress.
Tebboune added that the state-owned banks granted loans worth 1,665 billion Tunisian dinars, describing this as is a good investment.
Foreign exchange reserves reached $44 billion, he added.
Furthermore, he stressed that Algeria was diversifying its economy away from oil.
It exported $2 billion worth of non-oil products in the last six months. The total is expected to reach $4-$5 billion by the end of the year.