Economic expert “Idris Al-Sharif” wrote about the report of the Economic Experts Committee, stating that, as is known, the committee was formed by a decision of the Presidential Council and tasked with providing an independent assessment diagnosing the current economic situation and proposing the necessary remedies in both the short and long term, commenting: “The solution starts from the root of the problem.”
He continued: The committee, like everyone else, understands that the roots of this crisis extend over many years due to failed economic policies and poor management of the country’s resources, further exacerbated in recent years by a fragmented and divided political and institutional situation plagued by corruption.
Al-Sharif added: While fully aware that this chronic situation cannot be completely resolved in the short term—even if political will exists and all favorable conditions are met—it is still possible, and indeed necessary, to take urgent rescue measures to halt further deterioration and achieve a degree of stability that would pave the way for implementing reform and restructuring policies in the medium and long term.
He explained: Therefore, the committee’s recommendations at this stage focused on the importance of stopping the drain of resources and closing major loopholes of waste in public finances, both on the revenue and expenditure sides, in addition to controlling the use of foreign currency. This is essential to reach both internal and external economic balance, achieve financial and monetary stability, prevent the escalation of public debt, halt the decline in the value of the national currency, and stop the erosion of citizens’ purchasing power.
He continued: Emphasizing that transparency, accountability, and combating corruption are necessary conditions for the success of these measures, which represent the minimum required actions. The urgent recommendations did not include other important policies that require a longer timeframe and different political, administrative, and institutional conditions.
Al-Sharif also pointed out that the alternative option—allowing the current situation to continue—would have serious consequences, some of which were outlined in the second part of the committee’s report. He noted that many countries have already experienced such outcomes, expressing hope that Libya does not reach that stage, and referenced what was mentioned regarding the economic policy of Prophet Yusuf (peace be upon him).
