Tripoli based Libyan Prime Minister, Abdel Hamid Hamid Aldabaiba and the Governor of the Central Bank of Libya, Naji Issa, discussed during their meeting yesterday the repercussions of public spending on the economic and financial situation and its impact on the strength of the Libyan dinar.
In this regard, the Governor addressed the need to initiate a package of economic reforms to raise and improve the standard of living according to a rapid action plan. He noted that oil revenues supplied to the Central Bank had witnessed a significant improvement this week.
For his part, the Prime Minister expressed his gratitude to the Governor for disclosing the actual amount of spending for the first time, stressing that transparency in this matter represents an important step towards financial reform.
In another context, Aldabaiba confirmed that the government has actually begun implementing a new mechanism for importing fuel, moving away from the previous barter system. He expressed his hope that all relevant parties would cooperate to fulfill their role to maintain fuel availability and achieve stability in this vital sector.
At the conclusion of the meeting, the two parties agreed to coordinate efforts between the government and the Central Bank regarding the disbursement of April salaries early next week.
They also agreed on the need to implement a series of economic policy reforms (financial, monetary, and trade) to boost sovereign revenues and improve their collection methods.
They also agreed to take measures to support the value of the Libyan dinar, maintain exchange rate stability, and achieve the country’s financial sustainability.
