Libya's Economic Reform and Hidden Costs
Businessman Hosni Bay emphasizes that economic reform in Libya should not be viewed as merely protecting citizens from costs. Instead, it is a process that reveals and redistributes the actual costs that are currently borne in an opaque manner. He points out that price subsidies and multiple exchange rates contribute to generating rent, monopolies, smuggling, and also fuel inflation and price gaps. He proposes shifting from subsidies to direct cash support, narrowing the gap between exchange rates, and also reforming public finances, energy, and production sectors, with the goal of achieving fair distribution, reducing reliance on rent-seeking, and attaining economic stability.
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