www.immobilier en algerie.com Bouteflika presiding at a meeting devoted to the restricted area of finance:
The macro-economic positive
08-09-2008 at 00:44
El Mujahid Text size:
Dr. A. Yacef
Foreign exchange reserves at end-June 2008: $ 133 billion
- Growth rate: It will be 4.1% in 2009 (6.6% excluding oil) - Public debt: It is no longer that the order of $ 623 million-Operating Budget: There will soon reach 3,300 billion dinars
In the hearings he conducts annually on the activities of different sectors of government, Abdelaziz Bouteflika, President of the Republic, presided a small meeting devoted to the sector finances.L presentation made by the Minister of Finance has successively tackled the overall situation of national public finances, reforming tax administration, customs and areas, the financial sector reform and the revival of planning and foresight.
A. Regarding the overall situation in the country's public finances, it emerges in part as follows: 1. The macro-economic indicators remained positive throughout the past five years. Thus, for the year 2007 the gross domestic product growth was 3% overall and 6.3% excluding hydrocarbons, which reflects the importance of public expenditure on infrastructure construction in particular, inflation, meanwhile, was kept at a reasonable level in the context of strong public spending, the trade surplus remained important with 33 billion U.S. dollars in 2007, despite a continued rise in imports, finally, foreign exchange reserves reached U.S. $ 133 billion at end-June 2008, against about 78 billion U.S. in late 2007. It should be noted in this context that these macroeconomic indicators confirming the assumptions of growth of gross domestic product (GDP) as established to base the Finance Act 2009, a growth rate of 4.1% (6.6% excluding oil). The external public debt is no longer only about 623 million U.S. dollars at end June 2008, following the anticipated debt relief decided by the Head of State in 2005. To recall, the public external debt had reached a peak of 33 billion U.S. dollars in 1997 and was still at 21 billion U.S. dollars at the end of the year 2004.De the same manner and following the presidential directives to repayment of domestic public debt, it has already recorded a 60% reduction set to continue encore.2. Expenditure public are growing steadily because of the importance of the five-year development program, but also achieved by weight fonctionnement.Ainsi expenditures, operating budget that will be around 2500 billion dinars in 2009 (or 223% of ordinary taxation) will reach 3300 shortly billion dinars due to the management of operating costs of various new administrative achievements and socio-cultural, but also the importance of state intervention under the Social Action, whose amount has already exceeded 1,000 billion dinars in 2008 .- The establishment of customs facilitation to the service economy and investment by promoting international standards and practices of "Kyoto", the formulas for clearance at home, the electronic payment of duties and taxes, decongestion of ports through the creation of infrastructure Outer portuaires.3. Mastering the elements of taxation and control of tax benefits through extension of the new tariff, developing a file of reference values, track information on fraud in the customs value and the benefits fiscaux.4. The establishment of a system to fight against various forms of fraud through the creation of cells for analysis of interventions immediate and subsequent coordination with other security forces at the border monitoring, cleaning up the body of customs agents, the creation of a specific structure for the fight against counterfeiting and the proliferation of conventions with brand owners and, finally, active participation in the fight against the illicit transfer of capitaux.En Thirdly, regarding the protection and enhancement of the national domain, they were the subject of several measures and launching of various actions including: 1. The strengthening of the legislative review of public land law and the revision of terms concession of public land for investment, 2. The new organizational measures such as the establishment of a rapid procedure for land survey, the establishment of system-specific information fields, training of persons, services areas, which has already affected more than 1,000 agents and achieving close to 100 centers intercommunal land 3. The acceleration of the general cadastre, for which he has already been used to subcontract with land surveyors and experts, as the appeal was launched to support the satellite image.
C. In the financial sector, the statement by the Minister of Finance presented the evolution of various reforms cours.En First, about the banking sector reform, the following results have been achieved:
1. The strengthening of stability and profitability of public banks in particular through the establishment of performance contracts for managers and strengthening the role of boards of directors, improving the equity of public banks from more than 150 billion dinars. As a result, all major investment projects are financed by our banks, strengthening the capacity of banks' commitment on loans to medium and long term, through a line of credit the Treasury and the consolidation of banks' portfolios with the treatment of claims of public enterprises highly unstructured;
2. The strengthening of the credit market by broadening the financial offer to the market through bonds issued by companies which has already reached over 160 billion dinars, the creation of venture capital companies and leasing companies, more greater involvement of public banks in the financing of government measures to support employment creation and promotion of hand public banks in the commercial credit
3. The development of the mortgage, including an increase of 30% in 2007, housing loans, as well as strengthening the legal environment to cover the mortgage
4. Modernization of payment methods including the new electronic clearing system of payments which the result was a marked improvement in time payments of checks and the launch of a national card payment bank and withdrawing interbancaire.Il rest to stress, the continued development credits earmarked for financing the economy. The latter, which recorded an increase of 13% between 2006 and 2007, continuing the same trend since the beginning of the year, as it should be noted that 55% of banks' portfolios are now comprised of corporate loans privées.En Secondly, concerning the financial market, he notes:
1. The development of a modernization plan that aims to improve the image of the financial market and strengthen the confidence of issuers and investors, boost the securities business and ensure a steady flow of missions; 2. The commitment to raw concrete innovations from 2007, including entry activity in the central depository and the introduction of stock exchanges to consolidate the public treasury stock transactions on the marché.En Thirdly, concerning the insurance sector, he has recorded since the beginning of last year the establishment of the Committee on Insurance Supervision, strengthening the equity of public insurance, the establishment of partnerships with foreign insurance and, finally, the sale of insurance products at banks.
D / As regards the recovery of planning and foresight, the Minister of Finance noted the following developments:
1. Realization, during the first half of 2008, the census decennial population and housing operated with results available in the coming weeks
2. The appointment of the commissioner general for planning and forecasting in July 2008, followed by the installation in August, the National Statistical Office, in conjunction with the National Statistics Office has taken possession of his new seat;
3. The Commissioner General of Planning and Forecasting will now embark on the organization and strengthening of the Office for National Statistics (ONS) launch the national program of statistical work, the establishment of the master plan for national economic coherence of decisions, evaluation of equipment program conducted during the last decade to clarify the prospects in this area and, finally, to organization of training prospective.A Following consideration of this assessment, President Abdelaziz Bouteflika, first raised the interest that is the state of public finances, which still bear the burden of excessive development national as well as the importance of financial sector in all its segments, in terms of role which is devoted to boosting investment and hence the creation of wealth other than hydrocarbures.S regards the country's financial situation, the Head of State reiterated his charge at the last Council of Ministers for bringing an end to waste in all its forms, and that public expenditure is streamlined davantage.A As such, the President of the Republic instructed the Minister of Finance so that in future, consideration of any proposed investment public is accompanied by a consideration of operating expenses and other recurrent expenditure that will generate. "It is not intended efforts to curb the state's development which I always give utmost importance, as delays to catch up are still important in our country. But we must also strengthen our visibility on the future medium and long term. So I hear that this approach is implemented in the preparation of the next five-year program for 2009-2014. I also hear that the future program gives priority to projects which have been preliminary studies for their release without delay, or reassessment, "said President of République.Poursuivant his remarks on the rationalization of resources country's financial, the Head of State has instructed the Minister of Finance to expedite the consideration for the creation of a national financial mechanism, through which the Treasury will be able to mobilize and build on one hand the significant savings State, in support of funding for economic investment in the country. "Some suggest we get into the adventure of a sovereign fund to get more out of foreign exchange reserves abroad. I think the country continues to have an enormous need for capital for the development of national economy, which currently does not argue for this choice, "noted President Abdelaziz Bouteflika.S regards reform of tax and customs services, the Head of State ordered that it be a special program of strengthening and modernization. "After recent years initiated a special program development apparatus of justice, the national police, the gendarmerie and border guards, we must now focus on services, taxes and customs. This is the price that we will strengthen the rule of law, we will consolidate a transparent framework for economic development, and we dry up the sources of fraud and ill-gotten money, "continued the President of the Republic. Turning to finalize the land for which was usually announced within ten years, President Abdelaziz Bouteflika has ruled that undue delay and directed the Minister of Finance to mobilize all necessary resources, including air for this operation to be completed in a maximum of five years, including in the north. "The completion of the cadastre is essential, especially for land use, urban planning, transactions and investment," added the Head of State. As regards the banking system, the Head of State acknowledged the efforts that have been made and called poursuivre.Le the President of the Republic said: "We stand for openness to foreign banks and private banks, but in the observance of universal standards. The monetary authority should develop a specification establishing some criteria banks wishing to work in Algeria, including a requirement for them to set aside part of their portfolio to finance real investment and not to limit themselves to the accompaniment of foreign trade or promotion of consumer credit . We will respect international standards with our foreign partners in all areas, but we also expect Besides keeping their interests in Algeria, "continued President Abdelaziz Bouteflika.
In addition, the Head of State has instructed the Minister of Finance, which exercises the control of state banks, to ensure the identifying ways to expand credit to finance local investment while productive, healthy and sincère.Le President Abdelaziz Bouteflika has stressed that "we need to encourage more productive new investments, not speculative ones, but those who contribute to real wealth creation and participating in job creation. The government must find solutions this issue, "ordered the head of state.
Finally, addressing the start of the Commissioner in charge of planning and foresight, the President of the Republic stressed that" it is through a statistical instrument quality that we have an exact knowledge of our deficits, as well as our economic and social realities, is also thanks to an admittedly indicative planning, but effective, we can guide a more rational public spending on development, but also channel the investment to sectors that our country considers a priority, and to the regions where we want to focus in the context of regional balance and spatial planning, it finally with a real capacity of foresight, we will be able to drive our national development by including it in the continuity in the succession of generations and we'll put away serious reversals future, "a concluding statement on the government to provide support and assistance to the Commissioner in charge of planning foresight.
source El Mujahid daily
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