22 Hrs
Source:
عين ليبيا
Libyans face hardship amid resource wealth
The Libyan economy faces structural challenges due to over-reliance on oil revenues, with growing current expenditures and weak productive investments. This situation threatens monetary stability and reduces the ability to convert oil wealth into sustainable development. Economic expert Dr. Helmi Al-Qamati affirms that Libya's crisis is not a shortage of resources but rather poor management of those resources and their transformation into a diversified economic base. He emphasizes the need for comprehensive reforms, including tightening expenditure, unifying public financial management, and diversifying the productive sector. Additionally, he pointed out that weak management of foreign assets, rising inflation, and declining purchasing power pose ongoing threats, highlighting the importance of improving exchange rate management and reducing dependence on oil revenues for financing. Proposed solutions include enhancing transparency, reforming fuel subsidies, and balancing current spending with investment efforts, all aimed at building a more resilient and sustainable economy.
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