The Ministry of Economy and Trade reported last Wednesday (17 December) that the Minister of Economy and Trade, Mohamed Al-Hwej, chaired an expanded technical meeting at the Ministry’s Tripoli headquarters, in implementation of the directives of the Prime Minister.
The meeting was dedicated to preparing Libya’s trade policy for 2026.
During the meeting, the general framework of the proposed policy and its implementation mechanisms were discussed, in coordination with relevant authorities, in preparation for submitting it to the competent bodies for approval. This policy will be included within the Prime Minister’s directives aimed at maintaining the stability of the official exchange rate and enhancing economic stability.
The meeting was attended by the Undersecretary of the Ministry, Suhail Abu Shiha; the Director General and Chairman of the General Authority for Communications and Informatics, Abdul Basit Al-Baour; a representative from the Inspection and Follow-up Department at the Prime Minister’s Office; a representative from the Tax Authority; the Director of the Economic Studies and Research Department; the Director of the Private Sector Development Department; and the Director General of the Libya Trade Network.
The attendees also discussed monetary imbalances in the money supply, their causes, and their impact on economic stability. The meeting addressed the presentation of a guiding import budget for the country in 2026, considered a tool of trade policy. This budget aims to regulate and direct imports according to national economic priorities, while also activating existing laws governing commercial activity. This will contribute to stabilizing the general price level in line with per capita income, taking into account the challenges associated with political uncertainty and the anticipated decline in oil prices during 2026.
Participants also discussed the 2026 plan for purging public spending, a key element in addressing monetary imbalances and curbing inflation. This plan also outlines the necessary measures to comply with the requirements of the Financial Action Task Force (FATF) and combat money laundering, thereby strengthening fiscal discipline and protecting the country’s monetary and financial system.
The meeting emphasized that the proposed trade policy is based on protecting citizens and preserving household purchasing power, supporting local production, and creating a stimulating economic environment to generate employment opportunities within the national economy.
At the conclusion of the meeting, the Minister stressed the importance of regulating imports according to clear and transparent standards that achieve a balance between market requirements and consumer protection, without burdening citizens with the costs of uncontrolled imports, and in line with the goals of monetary and economic stability.
