"The new President would start with retrieving the huge funds transferred abroad during the rule of the former president," said Mostafa Saidj, professor of political sciences and international relations with the University of Algeria.

He added that Tebboune may also resort to reinforcing public funds controlling mechanism, which were inactive during the rule of Bouteflika.

Some experts say that Bouteflika's 20-year rule witnessed the spending of 1,000 billion dollars in useless economic projects that left Algeria still dependent on oil industry.

Tebboune pledged to slow down the erosion of reserves by "tracking down inflated invoices to curb the hiking of the imports bill."

He also promised to establish a new economic model that would help build what he called as a "knowledge-based economy," meaning to rely on new technologies and renewable energy for growth.

Tebboune also vowed to combat corruption.

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