Algerian President Abdelmadjid Tebboune pledged on Thursday to enhance the country’s returns and improve the living conditions of Algerians, indicating a 47 percent increase in salaries early next year, the German News Agency said.
He said that 2023 will see "better achievements and the improvement of living conditions.” His remarks came during the opening of the 5th province governors' meeting in Algiers.
Tebboune said his country’s economic growth is projected to reach 5 percent in 2023 after it amounted to 4.1 percent in 2022.
He also revealed that the current foreign exchange reserves had increased to over $60 billion, while the import bill has decreased to $36 billion after it reached an annual average of $63 billion in the past years.
“The economy is now based on production, not on imports. Algeria is witnessing a clear social and economic dynamics,” Tebboune affirmed, noting that 2023 is "the year of efficiency, raising the standard of living, increasing the purchasing power of the citizen, and of reducing inflation.”
He also said that the State is trying to fight corruption and protect citizens from the consequences of global economic fluctuations.
He indicated that several decisions taken by local governors helped build between 600 and 700 micro, small, medium and large economic units, and create 52,000 jobs at a time when the world is witnessing an economic downturn.
He also revealed that an Algerian factory will be launched this year to produce sugar which will be sold directly to consumers, in addition to the production of olive oil.
The President then called on Algerians saving money outside banks to deposit them back in the country’s banks. He pledged a thousand guarantees to protect citizens and the national economy, saying there are banks that deal in Islamic banking.
Addressing the file of recovering the looted funds, the President said Algerians followed the scary numbers of looted money, and that huge amounts of funds were found with one single family.
The President added, “We insist on fighting corruption and corruptors, Algeria will remain a state of justice and law,” stressing that the country “will not collapse despite enemy plots."