14 Hrs
Source:
عين ليبيا
Libyan Economy: Support for Goods or Citizens
Businessman Hosni Bey called for a reconsideration of the support system in Libya, considering that continuing to subsidize prices of goods and energy, along with the exchange rate gap, does not lead to a sustainable solution for economic and social conditions. Bey suggested shifting to direct and transparent support for citizens instead of subsidizing goods, and emphasized the need to implement reforms before Libya reaches a critical point of requiring external funding, as the country possesses substantial oil resources and reserves that can facilitate this. He criticized tying commodity support to protecting citizens, stressing that targeted support should be fairly distributed to low-income groups. He also stated that improving social justice requires a direct and transparent distribution of wealth, rather than price subsidies which often lead to smuggling and corruption. Additionally, Bey called for reforming the exchange rate system and public expenditures to enhance efficiency, and advised utilizing resources wisely to prevent future crises.
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