The economic experts emphasized during the “Reality of the Libyan Economy” seminar, held as part of the 2023 Ramadan Cultural Season in the Old City of Tripoli, the importance of continuing to increase disclosure rates, transparency, and freeing the economy from rentierism.
The seminar was attended by a number of economic analysts and experts, as well as the Minister of Economy of the National Unity Government. Discussions centered on the relationship between the Central Bank of Libya and the International Monetary Fund, including consultations on Article IV, attended by various government ministries. The recommendations focused on the need to increase disclosure and transparency rates, diversify income sources, stabilize the exchange rate, and ensure fiscal sustainability.
The attendees also discussed the key stages that accompanied the change in the Libyan dinar exchange rate, as well as the monetary policy development and general inflation treatment. They also discussed how to better distribute government support to citizens and agreed on the importance of harmony between the state’s financial, monetary, and economic institutions.
During his intervention, the Minister of Economy of the Government of National Unity, Suhail Abusheeha, affirmed the importance of continuing to raise disclosure and transparency rates and freeing the economy from rentierism. He noted that the Central Bank of Libya alone led the stage over the past ten years and did what was required of it, despite other entities in the state serving against the Libyan economy. He pointed out that previous governments took measures that hindered the Central Bank’s reform steps, and that the Bank maintained balances and alone bore the economic obstacles by taking measures that contributed to Libya not being able to borrow from the World Bank.
Meanwhile, the Director-General of the National Economic Development Council, Mahmoud Al-Fitisi, praised the role of the Central Bank of Libya in bringing us to this stage, despite the lack of coherence between some entities. He emphasized that the economy is now in trustworthy hands, with the presence of young talents.