Secretary-General of the General Union of Algerian Workers, Salim Labatcha, confirmed that the proposals presented by Central Trade Union during the National Conference on the economic and social recovery plan focused in their entirety on how to create wealth and added value as well as the separation from the rentier economy that depends on fuel revenues.
Labatcha also said during his appearance on Tuesday, August 18, 2020 on Radio Channel 1, “We are dependent on oil price, as if we do not have any other resources to create wealth from and improve the economy into a national one”.
Labatcha explained that among the proposals were the reduction of interest rates on loans to investors and digitization of management as a solution to end the bureaucracy that impedes economic mobility.
The Secretary-General of the General Union of Algerian Workers suggested urgent measures to create economic dynamism, including merging the parallel economy, reviewing bank profits, removing bureaucratic obstacles and easing measures related to investment.
As for his diagnosis of the country’s economic situation, Labatcha stressed the need to integrate funds that are not subject to state control, to improve resources and reduce expenditures, and suggested supporting the independence of institutions and companies as well as liberating them from the authority of bureaucracy.
In this regard, he pointed out that “the balance of payments has been negative for years. As a result, we depend on foreign exchange reserves, which leads to the deterioration of the country’s economic situation”.
Labatcha finally called for the creation of interest-free loans as part of inter-company solidarity to get out of the current crisis.
#Algeria #Economy #Crisis #Oil #Alternatives
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