IMF Urges Reforms in Algerian Banking Sector
2004-10-26
The reform of Algerian banks is for us the key for other reforms and a vital condition to reactivate private investment and guarantee permanent growth
IMF experts said on Sunday (24 October) that banking and financial sector reform should be a central priority in Algeria. "The reform of Algerian banks is for us the key for other reforms and a vital condition to reactivate private investment and guarantee permanent growth," said Erik De Vrijer, IMF team mission leader, during a press conference in Algiers. In light of this, IMF officials proposed transferring control of some public banks to foreign banks known for efficiency and transparency. After the press conference, IMF officials discussed related issues with Algerian government representatives.
 [AFP] |
Also Monday, Bank of Algeria Governor Mohamed Laksaci presented his annual macroeconomic report. It concludes financing in the economy increased 8.8 per cent in 2003 compared to 2002. Private sector credits increased to 6.6 per cent and those accorded to the public sector grew by 10.6 per cent. (El-Moudjahid, APS)
Email to a friend
Print version
hafida Posted 2009-06-03
We need to reform bank supervision, not the regulation of the men in power, who lack assurance and persuasion. In the absence of relations and communication between bankers and the people, we cannot overcome these financial problems. This is an essential factor in the economic equation, which needs to be solved. The decision-makers in the banks need to be audacious and convincing. As such, they can present reports worthy of Algeria's intelligence sector, because they are not economists. They lack neither studies nor plans to be advanced, but they are not capable of saying "yes" or "no" without bowing down first. The IMF is far from understanding the state of mind Algerians have, and it thus cannot advise us or, rather, order us around on how to manage our money. They want to fatten us up so that they can digest us thoroughly. The proof is that they have forced the government to do away with the subsidisation of grain production, blocking the national production, opening, as such, the market to European and American producers and helping them get out of their economic crisis.
BEN Posted 2009-06-03
I no longer understand. The IMF was satisfied with the financial and banking reforms in 2005. It is no more than five years later now!? So, they must be quite professional!? In the end, we will just say, "No more of this."
We welcome your comments on Magharebia's articles.
It is our hope that you will use this forum to interact with other readers across the Maghreb. In order to keep this experience interesting, we ask you to follow the rules outlined in the comments policy. By submitting comments, you are consenting to these rules. While Magharebia.com encourages discussion on all subjects, including sensitive ones, the comments posted are solely the views of those submitting them. Magharebia.com does not necessarily endorse or agree with the ideas, views, or opinions voiced in these comments. This is a moderated forum. Comments deemed abusive, offensive, or those containing profanity may not be published.
Magharebia's Comments Policy