les réformes initiées ont atteint un stade avancé
Summary of Recent Financial Reforms in Algeria
On Thursday, Finance Minister Abdelkrim Bouzred highlighted the significant progress made in financial sector reforms, particularly concerning the digitization of both administrative processes and financial transactions. During a plenary session of the National Council, chaired by President Azouz Nasri, Bouzred addressed questions related to the 2022 budget regulation bill.
The minister emphasized that the reforms, which have reached an advanced stage, focus on various administrative aspects, including taxation and the management of public budgets, the Treasury, and customs. One of the primary goals is to digitize financial transactions and minimize cash payments. He noted that the modernization of electronic payment methods has reached a pivotal point, especially following the establishment of the High Commission for Digitization. By the end of the year, the sector aims to record significant advancements in this area.
In response to inquiries about currency exchange offices raised by Council members, Bouzred mentioned that the Central Bank of Algeria had established a regulatory framework for this activity, but no requests for opening exchange offices had been received yet.
Regarding the implementation of Law No. 23-12, which sets general rules for public procurement, the minister stated that the drafting process is currently underway. He assured that this regulation would meet the expectations of all stakeholders, including various government departments, by facilitating management processes in public procurement.
Addressing concerns about the "weakness in tax collection" in 2022, Bouzred explained that the economic repercussions of the Covid-19 pandemic had hindered tax recovery, as many businesses deferred payments due to decreased activity during that period.
On the subject of structural projects and their oversight, which prompted multiple interventions from Council members, the Finance Minister announced plans to establish a digital platform for monitoring ongoing projects. This initiative aims to involve elected officials in the tracking process and is expected to transform project management and oversight by improving the monitoring of timelines and costs. The completion of this platform is projected within a month and a half.
In summary, Algeria’s financial reforms focus on digitization, improved regulatory frameworks for currency exchange, efficient management of public markets, and enhanced monitoring of public projects. These efforts aim to streamline operations, increase transparency, and adapt to challenges posed by recent economic disruptions.
