Algeria: Tebboune Says to Find New Resources to Ease Economic Crisis
Business
Asharq Al-Awsat
Algerian President Abdelmadjid Tebboune revealed on Friday plans to develop new natural resources including uranium, gold and phosphate. The president said the plans will kick off with the help of foreign investors after the end of the health crisis caused by the novel coronavirus. "The novel coronavirus has frozen several plans and projects. But these plans will be launched after overcoming the health crisis," Tebboune said on state television. "Several resources are still untapped. The list includes for example uranium, gold and phosphate. We are ready to develop them with foreign partners." Algeria still relies heavily on energy earnings despite previous announcements that it would carry out reforms and develop the non-hydrocarbon sector, Reuters reported. The coronavirus outbreak has worsened the economic situation with energy earnings dropping further, forcing the government to cut spending and planned investment for 2020. A large proportion of Algeria's energy export revenue is used to pay for imports of goods including food with a bill estimated annually at $45 billion. "We are determined to develop our agriculture and reduce significantly the value of purchases from abroad," Tebboune noted. Also, the Algerian government has decided to postpone loan payments for state and private firms financially hit by the novel coronavirus, and Tebboune said more measures would be taken to benefit companies and the self-employed. "Losses of firms are being assessed. We are ready to provide financial support. Even self-employed people such as taxi drivers and hairdressers will be helped," he stressed.
from Asharq AL-awsat https://aawsat.com/english/home/article/2263471/algeria-tebboune-says-find-new-resources-ease-economic-crisis
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