By Libya Herald reporter:
Tunis, 2 May 2015:
Libya could be forced into taking un-Islamic interest-bearing loans, the Audit Bureau warned in its 2014 . . .[restrict]report released on Thursday.
The Audit Bureau said in its report that Libya’s falling oil revenues, the rise in state budgets including what it described as ‘’unnecessary’’ expenditure, has forced the Central Bank of Libya into depleting its foreign currency reserves.
It added that if this rate in depletion of foreign currency reserves continues at this pace, Libya might have to seek external un-Islamic ‘’usury’’ loans as a possible means to solving its economic and financial crises.
The Audit Bureau also recommended the ‘’forcing of a series of policies’’ – austerity policies – and the diversification of Libya’s national revenues, in order to reduce expenditure and control the deficit. [/restrict]