The economic and banking expert Musbah Al-Akkari stated that there are several distortions in the Libyan economy that need real processing this year 2022 and the coming years.
Al-Akkari explained that the most significant distortions in the Libyan economy that need to be addressed are the issue of support and the need to gradually upgrade it, the consolidation of the administration of the Central Bank of Libya, the periodic review of the exchange rate, the consolidation of the control devices, in particular the Office of Accounting and the Administrative Control Authority, as well as the total dependence on oil as a single source of income for the country and the need to correct this by creating other sources of income, in addition to addressing the subject of salaries and the size of its payments for about 2.8 million employees and the need to accelerate the issuance of a consolidated schedule.
Other things needed to be addressed, including the shadow economy, which represents about 60 per cent of the economy’s size: “companies and shops without a license,” as well as the unproductive culture of society, reliance on the illusion of the “rich State,” the State’s restriction on the private sector, while it must be supported to drive the economy forward through bank loans, tax and customs exemptions and the State’s renunciation of many economic activities in favor of the private sector.