The Algerian presidency stated that President Abdelmadjid Tebboune ordered his government, yesterday, Sunday, to sell stakes in government companies and banks, as part of long-awaited reforms in the oil-producing country.
This is the first time that Tebboune has talked about concrete steps that the government should take, after he had previously promised to reform the Algerian economy, but without going into details.
According to Al-Arabiya, the reforms aim to reduce dependence on oil and gas, which account for 60% of Algeria's budget and 94% of its total export earnings.
Bureaucracy and a lack of investment, especially from foreign companies, prevented Algeria from developing its non-oil sectors despite promises.
The presidency said in a statement after a cabinet meeting chaired by Tebboune, that the plan aims to find effective solutions, open the capital of public companies, including banks, and move away from administrative management.
Tebboune did not provide details on the number or size of companies and banks covered by the plan.
Algeria has six state banks, which hold about 95% of all banking assets.
