Abdulnabi calls for a workable national economic reform plan
LIBYA – House of Representatives Speaker Salehin Abdulnabi called for a comprehensive national plan for economic and financial reform, with clear priorities, practical programmes and set timelines to address imbalances and achieve monetary and financial stability, drawing on Libyan expertise and skills.
National working groups instead of temporary fixes
Speaking at a consultative meeting with economic and financial experts and elites, details of which were reported by the Libyan News Agency (LANA), Abdulnabi said the present phase required moving from diagnosing problems and exchanging views to serious, responsible work on scientific and professional foundations, away from temporary solutions.
He said specialists had a national and ethical responsibility to put forward solutions, and called for joint teams and committees to prepare urgent proposals with specific, workable and monitorable outcomes, defining implementation mechanisms, the bodies responsible for each step and the deadlines for completing them.
Spending restraint and diversifying income beyond oil
He said the plan should cover restraint in public spending and fiscal discipline, directing resources to national priorities, diversifying sources of income and reducing reliance on oil, and developing productive sectors to ensure the sustainability of the national economy.
National factories and production inputs
He urged support for local factories and the provision of raw materials and operating supplies needed to keep production and marketing going and meet market needs, noting that some factories had lost the ability to operate because they lacked the required materials.
He stressed that support and allocations should go to factories engaged in real production, that industry’s needs should be taken into account when preparing import budgets, and that materials used in manufacturing should be given priority.
Import ceiling and controls on bank credits
He called for an import budget within the state’s general budget, with a clear financial ceiling for imports, controls on opening bank credits linked to actual needs, and no exceeding of the allocations set in that budget.
He said priority in credits should go to food, medicine, animal feed and manufacturing inputs, with other imports reviewed and non-essential and luxury goods removed from the priorities so that citizens benefit from available resources.
Fuel subsidy reform and the foreign-exchange market
Abdulnabi called for a comprehensive study to organise fuel subsidies so that they reach eligible citizens and benefit is limited to them, and for a review of spending mechanisms to ensure public resources achieve the goals for which they were allocated.
He pointed to the need to address distortions in the foreign-exchange market, strengthen confidence in the banking sector, improve the investment climate, support the private sector and create sustainable jobs, alongside developing transparency, governance and oversight of public funds.
Unified vision and follow-up on implementation
He affirmed the House of Representatives’ readiness to support the use of national expertise and scientific skills in preparing realistic proposals that preserve the Libyan people’s resources and improve the use of their wealth.
He expressed hope that the meeting would produce a unified economic vision and actionable recommendations that lay the basis for a plan that can be implemented and assessed, saying Libya has the resources, capacity and professionals to build a strong and sustainable economy.
He concluded by calling for joined-up efforts, putting the interest of the country and the citizen first, and translating ideas into tangible results that help overcome economic and financial crises.
