ALGIERS – Friday, 15 December 2023 (APS) – The economic prospects of Algeria, in the short term, are “generally favourable,” marked by a still robust growth and more moderate inflation in 2024, the head of International Monetary Fund (IMF) mission in Algeria, Chris Geiregat, said Tuesday in Algiers.

Chris Geiregat made the statement in a press conference held at the end of the annual consultations, which started on December 3, by this international financial institution in Algeria, in line with Article 4 of the IMF statutes.

In this respect, Geiregat said for 2023, “the current account balance of the balance of payments should have a surplus for the second year in a row, despite the decrease of hydrocarbon prices,” while the international reserves are at a “comfortable level,” equivalent to 14 months of imports at the end of October‎.

That is why the prospects, in the short run, are “generally favourable,” he said, adding that “growth is expected to remain robust in 2024, and inflation should moderate.”

The country’s economic outlook is also expected to “improve through the continuation of reforms aimed at diversifying the economy (and reducing dependence on hydrocarbons), establishing a stronger and more sustainable growth and stimulating job creation.”