Al-Hibri to (LANA): Public spending must be reviewed and controlled.

Benghazi, January 24, 2022 (LANA) - The Deputy Governor of the Central Bank of Libya “Ali al-Hibri” revealed that what has been spent from the cash reserve since 2011 amounted to (50%) due to this erosion in the reserve due to wars, political conflicts and the government deficit in the general budget. Which means the absence of development for a longer period.

In a statement to the Libyan News Agency correspondent, Al-Hibri stressed the need to preserve the remaining reserves to overcome any negative effects on the Libyan economy, stressing that this will only be achieved by diversifying the economy as a strategic goal with medium-term planning, and reviewing public spending, especially unjustified ones, and controlling it. And reconsidering public jobs and not increasing them, as they have reached (35%) of the population, and reconsidering specific taxes, and it is not reasonable to pay about (34) billion dinars in salaries and in return the tax is (zero)%.

And regarding the preemptive steps to prevent a slippage that threatens the local economy.. “Al-Hibri” said that the only step is to call on the government and Parliament to expedite the issuance of medium-term budgets of (3 to 5) years, for which hypothetical prices are set for the oil sector, so that the Controlling any benefits in the future and directing them towards development and change, supporting the private sector, supporting small and medium enterprises and other pillars of building an economy capable of standing on its own two feet.

(LANA)