ALGIERS, June 14 (Xinhua) -- Algerian President Abdelaziz Bouteflika on Wednesday stated that his country would double efforts to avoid resorting to foreign debts and to diversify oil-dependent national economy, said a statement of the president's office.
"Oil prices crisis has been useful as it has imposed on us major challenges, including the continuation of efforts aiming at diversifying national economy, and the need to continue the implementation of budget rationalization policy in a bid to be in command of public spending until 2019," said Bouteflika in the meeting of the Council of Ministers.
He further instructed the cabinet "to avoid resorting to foreign borrowing, and set more control over imports in order to preserve the nation's assets," which heavily dropped since the spark of oil in 2014.
The Algerian president also told the government "to continue efforts aiming at the diversifying the nation's resources, through improving investment climate and modernizing tax system, public banks and the financial market."
Moreover, Prime Minister Abdelmadjid Tebboune also stressed that "economic reconversion is necessary and urgent to ensure that our country would no longer depend on fluctuations of hydrocarbon prices."
"Our goal is to reach healthier and more balanced economy, where the private sector would have key role," he noted.
