HSC’s proposals to reform Libya’s economy include abolishing proposed taxes, suspending development spending, prioritising imports, monitoring LCs

In a session held yesterday, the High State Council (HSC) proposed the following measures to address Libya’s economic crisis:

– The Central Bank of Libya should abolish taxes and fees imposed without legal basis on basic commodities, given their role in driving up prices and eroding purchasing power.

– Parallel exchange rates for the eastern based “Libyan Government” should be halted, and development spending suspended until the unified exchange rate agreement between the House of Representatives and HSC is implemented, in the presence of the Governor of the Central Bank of Libya (CBL).

– The Tripoli based government should establish an import budget based on clear priorities, in coordination with the CBL, to ensure the availability of basic necessities.

– Urgent measures should be taken to reduce the import of non-essential goods to preserve state hard currency reserves and achieve economic stability.

– Bonuses should be disbursed to retirees and social security pensioners for a period of four months, and their circumstances addressed to ensure a decent standard of living.

– The size of diplomatic missions abroad should be reviewed, and public spending should be rationalized to align with the current situation.

– A joint mechanism should be established between the CBL, the government, and oversight bodies to monitor letters of credit, ensure the delivery of goods to citizens, and enhance transparency.

The HSC said these steps come within the framework of protecting economic stability, preserving public funds, and alleviating the burdens of living.

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