Tripoli based Libyan Prime Minister Abd Alhamid Aldabaiba held an extensive meeting yesterday at his Cabinet Office to follow up on the general level of prices in the Libyan market, as part of the follow-up of the economic conditions and their direct repercussions on the lives of citizens.
The meeting was dedicated to following up on the local market conditions and price stability, in the presence of the Financial Advisor to the Prime Minister Mohammed Al-Shehoubi, the Minister of Economy and Trade Mohamed Al-Hwej, the Undersecretary of the Ministry Suhail Abu Shiha, the Head of the Executive Team for the PM’s Initiatives and Strategic Projects Mustafa Al-Mana, the Director General of the National Economic and Social Development Board (NESDB) Mahmoud Al-Futaisi, the Head of the Statistics and Census Authority Nabil Al-Ganga, the Director of the Follow-up Department at the Prime Minister’s Office Adel Dweiher, the Head of the Municipal Guard Authority, Major General Rajab Gatwasa, and the Director General of the Customs Authority, Major General Moussa Mohammed, and several directors of the competent departments at the Ministry.
Credits opened for the supply of basic commodities reflected availability of goods in markets
The meeting also discussed the value of open credits for the supply of basic commodities, and the extent to which they are reflected on the availability of goods in the markets and ensuring the stability of their prices, in addition to discussing the challenges related to supply and distribution chains, and ways to address them in order to maintain balance in the local market.
Aldabaiba directed the intensification of field tours to the markets, and enhancing coordination between the Ministry of Economy, the Municipal Guard and the relevant authorities, to follow up the path of goods from outlets to points of sale, and to ensure that traders adhere to the approved prices.
Strict measures to be taken against monopolies and price manipulators
The Prime Minister stressed the need to take strict measures against monopolies and price manipulators, and not to tolerate any practices that harm the livelihood of citizens or affect the stability of the market, stressing that price control and consumer protection are a top priority for the government.
Ramadan starting in less than 2 months
The meeting comes with the high food consumption fasting month of Ramadan starting around 18 February and a background of the dinar falling to around 8.80 per US$ making most imports even more expensive.
An estimated 80 percent of Libya’s food is imported, importing with it increased prices, inflation and a fall in standards of living. The Tripoli government is, therefore, worried that a lack of supply might exacerbate this.
