By Sami Zaptia.
Tripoli, 5 June, 2013:
Opening the final day of the MEED “Libya Projects 2013” conference, . . .[restrict]the Central Bank of Libya Governor Saddek Elkaber said that “it is not going to be easy to reform Libya’s economy. It will need legislative reforms”.
Libya’s economy is limited and dependant on hydrocarbons and is the least diversified of oil-producing nations with oil representing 96 percent of exports, he added.
But despite these challenges there are many reasons for optimism including Libya’s strategic position, its population with 50 percent between the age of 18 and 45 years old and oil reserves of 60 billion barrels. These are important factors for development, he noted.
Ultimately, the CBL Governor felt that Libya needed to reform its legislation in order to open up its economy to both local and international investors.
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