Libyan Economy Minister on Recovery Plan
Sofeili Bouchiha, the Libyan Minister of Economy and Finance, clarifies that the country's economy primarily depends on oil, with production increasing to 1.4 million barrels per day. However, economic growth is not sufficiently reflected in the living conditions of citizens due to an economic model that focuses on supporting consumption rather than production. He emphasizes the need to change this model by reallocating oil resources, allocating 65% to the public treasury, 23% to fuel subsidies, and 12% to production partners, in order to restore economic balance, support citizens' purchasing power, and achieve economic diversification. He also highlights that the challenges include the weak conversion of resources into sustainable wealth, and that the current crisis in the dinar's exchange rate along with rising energy costs require reforms to enhance the economic value of energy spending, stabilize the exchange rate, and shift support from consumption to production and sustainable development.
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