A consultative meeting was held today at the headquarters of the House of Representatives (HoR), attended by Speaker Al-Salheen Abdel-Nabi, to discuss the current economic crisis in Libya.

The meeting was initiated and coordinated by the National Planning Council and attended by the Governor of the Central Bank of Libya, Fawzi Abu-Khazam; the Deputy Governor, Marei Al-Barassi.

During the meeting, the HoR Speaker delivered an address in which he emphasized that national experts and professionals specializing in financial and economic fields constitute a national elite. He noted that they bear a national, moral, and ethical responsibility to contribute to addressing the economic and financial challenges facing the state, and to develop realistic visions and solutions aimed at achieving economic stability and enhancing the efficiency of national resource management.

The meeting addressed several economic and financial issues and challenges facing the state—most notably the status of public finances and the national budget, the volatility of public revenues, mechanisms for regulating the hydrocarbons sector, exchange rate developments, and ways to rectify the imbalances associated with these areas.

Speaker Abdel-Nabi calls for reform of subsidy system
Specifically, HoR Speaker Abdel-Nabi, stated: “To be frank, the subsidy system represents a massive waste of resources. When you see figures rising from 5, 6, or 8 billion to 25, 30, or 40 billion, that is clear corruption.”

“Regarding subsidies, we must conduct a precise, accurate study to determine the correct figures. Since the bulk of these subsidies goes toward fuel, we need a rigorous solution to accurately assess the actual fuel requirements of the Libyan people.”

Addressing the experts, Abdel-Nabi said: “Provide us with a proposal for lifting fuel subsidies, while compensating citizens—whether through direct additions to their monthly salaries, a dedicated card system, or any other appropriate mechanism.”

“Frankly, these subsidies are intended for Libyan citizens, not for foreigners. Foreigners—and foreign companies—should pay the same rates that apply elsewhere in the world.”

“There is no other country in the world that sells fuel for 15 piasters, except for Libya; this, too, must be addressed. Libyan citizens are entitled to these subsidies—it is their wealth and their rightful share—but we must restructure how it is delivered, perhaps through their salaries, a card system, or any other method you deem suitable.”

The meeting was also attended by the Rapporteur of the HoR and Chairman of the Oversight Bodies Committee, Zayed Hadiya; the Chairman of the Planning, Finance, and General Budget Committee, Omar Tantoush; the Chairman of the Foreign Affairs and International Cooperation Committee, Yousef Al-Aqouri; and several other members of the House, including Ayman Saif Al-Nasr, Ibrahim Al-Zagheid, Mohammed Al-Raied, Abdulsalam Nassiya, Abdulmunem Balkour, Fahmi Al-Tuwati, Ali Al-Soul, Khalifa Al-Daghari, Mohammed Amdour, Aisha Al-Tablaqi, Asmahan Baloun, and Fawzia Abu-Ghalia.

Also in attendance were the Minister of Investment in the eastern Libyan Government, Ali Al-Saidi; the Chairman of the National Planning Council, Ahmed Khalifa Ibridan; several department directors from the National Planning Council; and a distinguished group of experts and national professionals specializing in financial and economic fields.