Libya’s Presidential Council, Central Bank agree on package of economic reforms

Libya’s Presidential Council, Central Bank agree on package of economic reforms

June 05, 2018 - 21:24
Posted in:
Written By: AbdulkaderAssad

The Presidential Council (PC) and the Central Bank of Libya (CBL) have agreed on economic reforms that would end “deformed prices of fuel” and “foreign currency rates at the market,” said the PC member Fathi Al-Mijibri.

The agreement came in a presser held Tuesday following the eighth meeting for the Libyan Economic Reform in Tunisia in the presence of the US Chargé d'affaires Stephanie Williams.

“Even if the reforms would bring some burdens on the citizens at first, then there will be some measures taken in line with the reforms to keep the citizens well provided for and at decent living standards.” Al-Mijibri said.

He said selling dollars to the families at bank rates will be increased and the family and children’s grants (100 Libyan dinars per child) will be reactivated.

The CBL allocated this year 500$ per every member of a Libyan family for sale at bank rates and it’s said that the new raise would see it become 1000$.

The CBL governor Al-Siddiq Al-Kabeer said there will be a package of reforms that best fit for the status quo and that he is optimistic for this new package.

US Chargé d'affaires said the international community is concerned over the Libyan economy and services provided to Libyans, saying though reforming the economy isn’t easy but placing a united budget for the country would help the government provide for all citizens.

“Libya is facing challenges and the reforms are needed in the economic sector so Libyans’ lives can become more stable and the US is in full support for the new steps.” Williams added.

Commenting on the reforms, House of Representatives’ boycotting member Fathi Bash Agha said on Twitter: “Without uniting CBL, talking about reforms in economic, fiscal and financial sectors is a means to contain people’s anger for some time. Hike in dollar exchange rates against the dinar at the black market hit 6.8 Libyan dinars at the time the meeting was on air, which is a bad indication for the reforms.”