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عين ليبيا
Libya Dinar Decline Study
Financial expert Mahmoud al-Zarouq al-Shawash believes Libya’s economy is facing a financial and monetary crisis, worsened by institutional abuses and uncontrolled spending. Public debt has exceeded 270 billion dinars, while an overgrown public-sector workforce has reached 2.3 million employees. He points to resources being siphoned off through fictitious letters of credit and the smuggling of goods, and says that around 25% of oil production is marketed outside the framework of the National Oil Corporation. Corruption linked to fuel imports, he adds, consumes more than 40% of oil revenues. He recommends restoring the Central Bank’s legal responsibilities, unifying the budget and exchange rate, linking letters of credit electronically to customs data, and transparently rescheduling public debt.
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