GNA Explores Ways to Mitigate Economic Crisis

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On Tuesday, members of the Economic Committee of the Presidential Council and Ministers of the Government of National Accord (GNA) discussed economic measures that should be taken to mitigate an economic crisis in Libya following the closure of oil facilities for the fifth consecutive month.

The meeting was held at the headquarters of the Presidential Council in Tripoli. It was attended by members of the Economic Committee and the Ministers of Economy, Finance and Planning, in addition to a handful of experts, consultants and businessmen.

During the meeting, the group emphasized that Libya requires economic measures that achieve price stability and maintain the value of the Libyan dinar against other currencies, thus reducing inflation and providing liquidity.

The group also stressed the need to implement a comprehensive economic reform program, in partnership with the private sector, to transform the economy and reduce the amount of public spending with alternative sources of income from oil revenues.

The group agreed that the private sector’s contribution in financing and managing development projects outside the public budget would be needed to address the country’s economic crisis and create new job opportunities.