Libya must adopt proactive economic policies to counter the repercussions of regional tensions, Dr Mahmoud Al-Futaisi, head of the National Economic and Social Development Board (NESDB), said in an exclusive statement to Libya Herald.
The statement came on the back of a dialogue session organized by the NESDB, entitled “Proposed Economic Policies in Light of Escalating Tensions in the Arabian Gulf Region,” held in Tripoli last Wednesday (1 April).
Libya must adopt a more flexible and proactive economic approach
Al-Futaisi said that the rapid geopolitical developments in the region necessitate that Libya adopt a more flexible and proactive economic approach. He pointed out that the escalating tensions in the Arabian Gulf region could have direct and indirect repercussions on energy markets and global supply chains.
Libya must prepare for various scenarios
Al-Futaisi added that early preparation and the development of economic scenarios to address various eventualities have become essential, especially given the increasing interdependence between the Libyan economy and the transformations occurring in international markets.
Enhance resilience and mitigate risks
He explained that dialogue between official institutions, the private sector, and experts represents a crucial step towards formulating realistic economic policies that will enhance the resilience of the national economy and mitigate the risks associated with regional and international changes.
Repercussions of Iran war on Libya
During the session, participants discussed the potential repercussions of the crisis on the Libyan economy, particularly in the energy, foreign trade, and supply chain sectors. They also reviewed several economic scenarios and anticipated challenges, in addition to the opportunities that the ongoing transformations in the region may present.
Recommendations
The session concluded with a set of recommendations and proposed economic policies focused on strengthening the Libyan economy’s ability to adapt to international changes, enhancing institutional coordination among relevant stakeholders, and adopting flexible policies that support economic stability and sustainable development.
Representatives from legislative and executive institutions, along with several experts and specialists in the fields of economics, international relations, and development, participated in the session.
The session was attended by representatives from the Libyan House of Representatives, the High State Council, and the Government of National Unity, as well as representatives from business and industry associations, chambers of commerce, and several academics and researchers in economic affairs.
