Tripoli based Libyan Prime Minister Abd Alhamid Aldabaiba, participated today in the ”Banking Investment and its Role in Promoting Economic Development” conference, organized by the Central Bank of Libya (CBL) in Tripoli. The event was held in the presence of the President of the High State Council, Mohamed Takala, and conference host, CBL Governor Naji Issa.
The focus of the conference
The conference included specialized scientific sessions that reviewed current economic activity and the challenges it faces, including issues of financing, investment, and the banking sector. The focus was on practical solutions to enhance the role of banks in supporting the economy, facilitating partnerships between the state and investors, and launching new development projects that boost productivity and create real job opportunities.
Aldabaiba government’s five-point plan to rebuild the economy
During his speech, the Prime Minister reviewed the five main objectives of the government’s plan to rebuild the national economy. Firstly, he stressed the need to raise the standard of living for citizens by transforming the economy from a rentier economy dependent on oil to a diversified and sustainable productive economy based on work and innovation. Secondly, he emphasized the importance of channelling surpluses from the oil sector into long-term investment instead of current spending. Thirdly, the strengthening the role of the private sector as the main driver of economic growth, and encouraging partnerships in the fields of transportation, energy, health, and tourism.
Fourthly, the plan includes reforming the financial and banking system to activate productive credit and finance productive and service projects, along with enhancing transparency and fiscal discipline to combat inflation and restore confidence in the national currency. These represent fundamental pillars for ensuring sustainable development and achieving the goals of economic reform.
Finally, the Prime Minister said the success of economic reform is linked to creating real job opportunities, stabilizing the national currency, and ensuring the participation of all sectors in development. He noted the government’s commitment to supporting investment and financial reform programmes to guarantee a better economic future for Libya.
The conference witnessed broad participation from senior economic officials, several bankers and economic experts, as well as representatives from the private sector and local and international investors, reflecting the importance of cooperation between government entities and the private sector to promote economic development.
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