Mustafa Al-Manae, an advisor to the governor of the Central Bank of Libya, stated that an economy reliant on a single source of income, which is oil in the case of Libya, is a cursed economic system that kills everything and leads to real concentration of risks.
Al-Manae explained that all of Libya today is focused on one sector, which is oil, and when prices and production increase, things are good, but as soon as oil prices or production decrease, the situation deteriorates, and therefore we are facing a dangerous economy.
He also added that this rentier economy has other side effects, including the fact that it is discouraging to the educational process and is a killer of ambitions, with the state leading everything, and on the other hand, this economy is a killer of civil society and a destroyer of transparency.