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lunedì 5 ottobre 2015

Oil prices are falling Temmar calls for a return of foreign direct investment and public spending reduced




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The former Minister of Industry and economic expert, Abdelhamid Temmar, Bouira on Sunday called for the reduction of public spending in order to face the current environment marked by oil price fall.
Speaking at a conference organized at the Economics Department of the University Akli Mohand Oulhadj under the theme "The Algerian economy and against oil crisis: challenges and prospects", Temmar estimated that the reduction public expenditure is "the ideal solution to address the adverse impact of the decline in the volume of oil revenues. "
The economic expert also emphasized the need for the government to treat and study case by case IDE files. This will, has he said, "to protect the national economy", before stressing the need to "allow only investments related to the fields of technology and training."
For the former Minister of Industry, encouragement of FDI inevitably involves the revision of the law on investment.
"It is not necessarily required for the country to adopt the rule (51-49) that governs foreign investment in Algeria, as the country had mechanisms promising to protect its economy and make a selection after studying projects, "he told the students in the room.
To remedy this situation of oil crisis, the speaker reiterated his call on the recovery of FDI, as well as to the resumption of the recovery program developed in the 2000s for investment and industry.
"This program should be revived and revisited in the background to remove all calming measures and strengthen measures meant to strengthen economic growth," he said.
Temmar other hand criticized the option put forward by the government, namely the decline in imports, which will have the effect, he said, "the increase in the inflation rate."