Press

Bensalah: State to rationalize exploitation of country’s underground resources

APS - 13 October 2019

ALGIERS- Head of the State Abdelkader Bensalah on Sunday reaffirmed that the State looks to exploit the country’s underground resources in a "rational and wise manner," with a view to enhancing lasting development and preserving the social measures of the State.

Opening the Council of Ministers’ meeting, Bensalah said that the bills submitted to the Council, notably the Finance Bill 2020 and the Bill on Hydrocarbons "provide for bold measures in a difficult national and international context.”

Through these measures, the State is seeking to “create a new dynamics capable of consolidating the capacities of our national economy and improving our social system on sound and viable bases, by streamlining public expenditure, reducing the budget deficit, creating incentives for developing the South and the High Plateaus regions and encouraging domestic and foreign investments," the head of the State said.

The new measures contained in the finance bill, particularly "the repeal of 51/49% investment rule for non-strategic sectors, the recourse to foreign borrowing ti finance priority profitable projects, based on studied approach, aim at restoring balances, creating economic growth and improving the image of Algeria as an investment destination," said Bensalah.

"Given the great importance Algeria attaches to environment protection and the rational consumption of energy, changes have been introduced as part of the Bill of Finance 2020. Such changes will help create new sources of revenues for the Treasury, reduce waste and irrational consumption of energy, and spread a culture of environmental protection, among economic companies and the members of the public," said Bensalah.

With regard to the new law on hydrocarbons, the head of State said the "profound reforms included in the bill will upgrade the energy sector in line with national and international standards and create the necessary conditions for Sonatrach to execute its development plan."

It will also “enable the national company to meet the challenges, cover the country's hydrocarbon needs and continue to strengthen its position among world-renowned oil and gas companies”

Broaching the December 12 presidential election, Bensalah recalled the creation of the Independent National Authority on Elections (ANIE), as "one of the pressing popular demands, reported by the National Panel for Dialogue and Mediation (INDM)," adding that the Authority "is now fulfilling its missions freely."

"Public authorities have been instructed to hand over all election-related prerogatives to the Authority,” said Bensalah, dubbing it an unprecedented measure in the history of our country, which is part of the founding process of the elaboration of a transparent electoral system in accordance with the State sincere commitment to neutrality throughout all the phases of the coming elections."