
Libya’s New Economic Measures Must Be Wedded to Deeper Reform
Last month, the leaders of Libya’s Government of National Accord (GNA), the Central Bank of Libya (CBL) and the High State Council agreed a long-awaited package of economic reforms.
But, without accompanying structural reform they can at most offer a short-term fix. The recent fighting in Tripoli illustrates the inextricable links between control over the distribution of state revenues and conflict. A sustainable political settlement must therefore include economic components.
Long-anticipated reformOne of the principal goals of the reforms announced on 12 September is to curb profiteering from the state’s resources by those who can access foreign currency at the official rate (1.38 LYD=1 USD) and sell at the black-market rate (currently 5.3 LYD=1 USD). … Seguir leyendo »