Financial analyst Khaled Al-Zantouti exclusively stated to our source: “Regardless of whether the resignation report is genuine or not, and irrespective of who might be responsible (Naji Issa or someone else), I don’t believe that any official—no matter how capable or patriotic they may be—can shoulder the responsibility under such circumstances.”
He then elaborated on this by saying: “Unfortunately, Libya’s general environment, especially its current state, repels all honest and upright national expertise. And unfortunately, the Central Bank has found itself in a precarious position between corruption and pressure from profiteers and vested interests regarding allocations, transfers, and the dollar.”
He further explained that the situation is exacerbated by “the hammer of corruption,” “unparalleled spending,” and the added pressure from divided governments and their factions vying for power and spoils. This paralysis in monetary policies, absent trade policies, and hijacked fiscal policies leave the Central Bank with little room to maneuver.”
He went on to say: “Having all its tools stripped away, facing unreasonable spending, suspicious allocations, and merchants operating under protection or arms, can the Central Bank carry out its core functions? Absolutely not. Except by going along with and responding to the demands of corruption, which inevitably leads to excessive spending that defies history.”
Specific Examples of Corruption and Spending Issues:
The analyst highlighted specific examples: “The value of imported fuel exceeded $1.3 billion in a single month, while we were stuck in gas lines and faced unprecedented power outages; smuggling is devouring half of the fuel, and the rest of oil revenues last July did not exceed $1 billion—hardly enough to cover salaries.”
He posed a rhetorical question: “Wouldn’t it be more fitting for an official—if he is honest with God and himself—to say ‘I cannot continue’ and step down from his position? As for the others—I’m not generalizing—they remain in power after mastering the system, but then they find themselves caught in ‘you’re just like them’ and ‘my share and your share.’ Perhaps only when years of reaping rewards have passed would they consider resigning.”
Conclusion:
Al-Zantouti concluded by saying: “I sincerely respect everyone who refuses to work under these circumstances, and I offer my sincere condolences to those clinging to power who have lost sight of the highest ideals of public service. The post ‘Exclusive…’ ‘Al-Zantouti’: The Central Bank is Stripped of Its Tools… Corruption Devours the State; Spending Is Rampant—So How Can Officials Remain in Power?’ appeared first on Al-Sada Newspaper.”
