A member of the Advisory Body at Libya’s National Planning Council, Nasser Al-Ma’arfi, has raised alarm over the country’s deteriorating economic conditions, urging urgent reforms to stabilise the nation’s financial system and improve living standards.
Speaking to Sada Economic, Al-Ma’arfi said, “Libya’s economy is in decline, and it’s the citizens who are shouldering the burden.” He stressed the need for immediate reforms to stop the misuse of the exchange rate in funding government expenditure.
According to Al-Ma’arfi, the primary obstacles to economic stability are rooted in ongoing internal and external political instability. He pointed to persistent crises in the foreign exchange market, a deeply strained public financial system, and the continued institutional division within the country as key contributors to Libya’s worsening situation.
“These challenges are severely impacting citizens’ lives,” he added, noting that rising corruption and unsustainable public spending are accelerating the decline in living conditions. “The current situation is dangerous. We are working to alert all relevant institutions to take responsibility and adopt serious economic management and reform programmes.”
He warned against the continued use of the exchange rate as a tool for government funding, urging for long-term policies that shield the currency from political manipulation.
Addressing the issue of subsidies, Al-Ma’arfi stated, “Subsidies are a right for citizens, not a favour from officials.” He noted that countries that have undergone economic transitions typically shift from in-kind subsidies to direct cash assistance. However, he stressed that such reforms in Libya remain impossible under the current climate of instability and conflict.
He concluded by calling for stability as a prerequisite for any meaningful economic transformation.
