Christine Lagarde at the Conclusion of her Visit to Algeria

She congratulated the Algerian authorities for the progress witnessed during the past decade. Despite the difficult external environment, growth is expected to remain solid, between 3 and 3½ percent over the next two years. she also expressed her appreciation for Algeria’s important support to strengthening the IMF’s lending capacity with US$5 billion.
 

She remarked that Algeria has a significant growth potential, but faces a number of challenges including high inflation and unemployment, particularly among the young and women. She encouraged the Algerian government to take further measures to preserve macroeconomic stability and ensure long-term fiscal sustainability.

According to te Algerian daily Liberte, she said in a press conference that she hadf not come seeking a second loan. "I simply came to thank the Algerian authorities. I'm not here to seek or a second loan or extension of any kind whatsoever, "said the director of the IMF, stating that the loan made by Algeria to the institution she leads" is not gift or subsidy "but a loan paid reflecting good management of foreign exchange reserves. Christine Lagarde assured, moreover, that the loan of five billion dollars from the IMF Algeria "has not been used to date," as the $ 460 billion that the fund was able to collect through the international borrowing it launched. Lagarde said that her visit to Algeria "is part of a deep and fertile partnership between the IMF and Algeria."

On Employment, the director of the IMF stated that "it is essential that the Algerian population,  of which 50% are under 25 years, can access training, education, learning that will enable it  to integrate in the labor market. "On the business climate, Christine Lagarde called for simplifying procedures and reducing delays.

Calling for inclusive growth and reduced unemployment she said a new awakening of the private sector was also needed as well as structural reforms to enhance the business climate, attract foreign direct investment, deepen the financial sector and equip the workforce with needed skills for the Algerian economy’s resilience.