Libya has potentials to recover economy, US Treasury Secretary says

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Libya has potentials to recover economy, US Treasury Secretary says

December 06, 2017 - 14:35
Written by: SafaAlharathy

Photo: Presidential Council's media office

US Treasury Secretary Steven Mnuchin said that Libya has the potentials that will guarantee its success and progress to overcome the current financial crisis and build an economically prosperous state.

During his meeting with the Chairman of the Presidential Council, Fayaz Al-Sarraj, Mnuchin stressed that significant reforms must be implemented to regain confidence in the Libyan banking and financial system.

He referred to his country's determination to provide expert assistance and to benefit from the experience of countries that have passed similar crises.

For his part, Al-Sarraj said that Libya is going through a "severe" financial crisis, which is evident in the liquidity shortages, the plunge of the Libyan dinar exchange rate, and the high inflation rate, pointing out that plans and programs, which were reached in the rounds of economic dialogue with all parties concerned, are awaiting implementation of the Central Bank of Libya.

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