Our source has exclusively obtained a letter sent by a number of economic and financial experts regarding the economic crisis and proposed measures for addressing it, directed to the President and members of the High Council of State.
In the letter, the experts confirmed that Libya’s economic crisis is not a crisis of resources, but rather a crisis caused by the fragmentation of economic, financial, and monetary policies as a result of political division and the existence of multiple centers of decision-making. The state possesses sufficient sovereign revenues, but the problem lies in how these revenues are managed, distributed, and monitored. According to the experts, the crisis is reflected in three main imbalances:
- Uncontrolled public spending
- Waste of sovereign revenues
- Mismanagement of foreign currency
According to the experts, the responsibility of this phase requires the Council to move from a position of diagnosis to organized institutional action through:
- Imposing a single, realistic national budget.
- Halting deficit financing outside legal frameworks.
- Protecting sovereign revenues and ensuring they are deposited into the unified account.
- Enabling oversight bodies to perform their role without restrictions.
- Linking development spending to planning, fair distribution, performance, and implementation results.
