The Minister of Finance, Mr. Laaziz Faid, presented the recent evolution of the macroeconomic framework of the Algerian economy and the positive results that resulted from it, pointing to the measures taken by the Algerian government and the reforms introduced, stressing the strengthening of the Algerian position in the European market.

The same minister, during his participation in the high-level ministerial meeting of the World Bank on the Human Capital Project and the meeting of the International Monetary and Financial Committee, touched, according to a statement by the Ministry of Finance, on facilitating and encouraging national and foreign investment, improving the business environment, improving public financial management and strengthening governance, rationalization and transparency, as well as promoting economic diversification and exports other than hydrocarbons (non-hydrocarbons).

During his meeting with the European Commissioner for Economic Affairs, the two parties discussed the status of bilateral cooperation in the field of energy and the strengthening of Algeria’s position on the European market.

Discussions focused on ways to strengthen this cooperation in new areas such as renewable energy and hydrogen. The issue of diversification of the Algerian economy and the contribution of the European Union through major investments in this framework was also addressed.

Finance Minister Laaziz Faid also participated in the World Bank’s High-Level Ministerial Meeting on the Human Capital Project. He also participated in the meeting of the International Monetary and Financial Committee.

It should be noted that the Human Capital Project is a global initiative that aims to promote and improve investment in people in order to promote social justice and stimulate inclusive global economic growth. The 2024 edition of the Human Capital Project Ministerial Meeting brought together some 50 countries, represented by their finance ministers, and focused mainly on the potential impact of artificial intelligence (AI) on human capital development.

Participants agreed that Artificial Intelligence (AI) will have significant social and economic impacts. This phenomenon will promote the acquisition of new skills and knowledge among the population, and will also help improve the scope and quality of public services, especially in the areas of health and social protection.

Finally, AI is likely to increase human capital opportunities and improve worker productivity, although its potential negative impact on job creation is difficult to predict at this stage.

In order to seize the opportunities offered by artificial intelligence while addressing potential risks, the Ministerial recommended that businesses, governments, and international organizations prepare to learn and adapt to the next wave of digital technologies.

The Minister of Finance also participated in the spring meetings of the International Monetary and Financial Committee, which presented a report to the Board of Governors of the International Monetary Fund on the latest developments in the oversight and management of the international monetary and financial system, as well as measures to be taken in the event of events that could disrupt this system.

In addition, the Minister met bilaterally with Ousmane Dione, Vice President for the Middle East and North Africa Region at the World Bank, and his team; Fahd Al Turki, Director General and Chairman of the Board of Directors of the Arab Monetary Fund; and Paolo Gentiloni, European Commissioner for Economic Affairs.

The Minister of Finance, Laaziz Faidd, met with the President of the New Development Bank, Dilma Van Rousseff, on the sidelines of his participation in the 2024 Spring Meetings of the World Bank Group and the International Monetary Fund, which are currently being held in Washington.

In this regard, Ms. Rousseff stated that this process is continuing according to the agreed schedule and that the legal and institutional procedures for this accession are in their final stages.

The two parties also discussed the possibilities of future cooperation with our country in financing strategic and structural development projects for the Algerian economy.

Fadila Hassaine / English Version: Med.B