Algeria News & Events, Latest News for Algeria

Update: Monday, 14 April 2008    

Algeria : Financial sector under IMF and World Bank scrutiny

International institutions to publish a report by 2007 end
Saturday Apr 21 2007.

A detailed official report enshrining Algeria financial sector situation notably insurance and loan systems is to be elaborated before the end of the year by the IMF and the World Bank after the visit of a delegation of experts in current April, well informed sources told El Khabar.

The preparation of the report coincides with national saving drop in spite of wages rise not matching purchasing power.

During IMF and the World Bank delegation visit, a series of talks with insurance company managers and banking sector officials have been undertaken. It is worth noting that the visit coincides with the general report of the World Bank published that embodies tacit criticism over Algeria economy situation and structural reforms pace.

Moreover, Breton Woods Algérie considers that banking sector reforms in Algeria suffers from many shortages in loan policy. The financial institutions also recommended the need of privatising two state-owned banks at least, and putting in review its loan approaches.

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