2023-08-17 18:43:04
ALGIERS- Finance Minister Laaziz Faid chaired, on Thursday in Algiers, a working meeting devoted to the review of the state implementation of the national financial market reform program, the ministry said in a statement.
This meeting, held at the headquarters of the Ministry of Finance, brought together the Chairman of the Commission for the Organization and Supervision of Stock Exchange Operations (COSOB) as well as representatives of the General Directorate of the Treasury and the accounting management of the financial operations of the State, specifies the same source.
The meeting made it possible to review the main actions likely to revitalize the financial market within the framework of a gradual approach taking into account the context and the environment of the national economy, given that confidence and stability are the fundamental pillars of any financial market.
During this meeting, constructive exchanges took place concerning the mechanisms and tools necessary to accompany this “major” reform, according to the press release.
In this regard, the Minister stressed the importance of setting up “transparent and effective” mechanisms to guarantee the confidence of investors and market players and to get them to adhere to this process.
He said that the implementation of these mechanisms will strengthen governance, reduce risks and promote “healthy and sustainable” market growth.
Mr. Faid also invited all stakeholders to launch an awareness campaign aimed at promoting financial education among investors and the general public on the fundamentals of the financial market.
This campaign also aims to provide relevant and accessible information to help investors and all participants in the financial market better understand the different aspects of the financial market and make informed decisions.
Furthermore, the Minister called on all market players to work together to ensure the success of this campaign and to create an environment where knowledge and financial efficiency are encouraged.
Among the main points retained during this meeting, the ministry cited in its press release the implementation of a strategic plan relating to the development of capital markets and the stock market, the strengthening of the attractiveness of the financial center of ‘Algiers via ambitious participatory initiatives bringing together several actors, the launch of a vast continuous information campaign aimed at promoting financial education.
It was also recommended to update the regulatory texts while adapting them to the current dynamics of the national economy, to increase the number of companies listed on the stock exchange in consultation with the professional and employers’ organizations concerned, and to promote financial inclusion as a vehicle for financial development.
Following these “productive” discussions, the Minister said he was “optimistic” about the prospects that emerged from this meeting, while stressing the importance of the continued commitment of all stakeholders to implement this reform of effectively and efficiently, and respecting the principles of transparency, integrity and trust.
In conclusion, Mr. Faid expressed his “determination” to revitalize the national financial market while ensuring its stability and reliability.
“This working meeting marked an important step towards achieving this objective, setting the course and highlighting the need for thoughtful reform and the promotion of financial education”, further underlines the ministry.
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