News Corruption - Corruption reports  [ Translated with Google Translator from ARABIC original ]    >>> ARABIC original >>>

Libya : state control of the economy resulted in the theft and corruption

Qatari newspaper Al-Sharq

In a time when the world financial crisis hit most of the countries, including the major stronghold of capitalist systems and invite economists to more state intervention in the economy to deal with this crisis alone in Libya in 2008 and through its leader Muammar Gaddafi calling for the distribution of oil revenues directly to Libyans , and the dismantling of most of the ministries with retaining only the four of them : defense and Security , Justice and Foreign Affairs.

The Muammar Al Gaddafi after accusations by the administrative system of failing to implement the decisions of the Libyans , saying that 
2008 - Muammar Gaddafi calling for the distribution of oil revenues directly to Libyans, and the dismantling of most of the ministries with retaining only the four of them : defense and Security , Justice and Foreign Affairs.

the state control of the economy resulted in the theft and corruption , and therefore called for the distribution of the state budget directly to the families , which he estimated in the range of 500 thousand families , or three million people evenly by five thousand dinars per month per family , or by a thousand dinars per month per person .

The reduced senior Libyan officials from the impact of the global financial crisis on the economy of their country, arguing that that 80% of the Libyan investment is liquidity in deposits that were not damaged , while the remaining percentage of investments (20 % ) is for bonds and equities have seen some sort of difference in prices global level but not recorded in the outcome of any kind of loss of Libyan funds invested.

However, the Commission Libyan graduate pursuing financial and economic crisis underscored the need to diversify the currency held by Libya, the focus in the coming period on direct investment in the real estate market , which is witnessing a kind of sharp decline in prices.

The Commission decided to take the same number of controls related to direct investment in bonds and buy shares in some global institutions and private companies by focusing on areas such as economic feasibility of oil , real estate , pharmaceuticals and others.

The official sources have confirmed the Libyan government that it allocated $ 150 billion Libyan dinars ( 123.177 billion dollars) to cover its executive development for the next five years .

The same sources pointed out that this program, which will cover the period (2008 - 2012) aims to achieve the objectives of public policies and strategies in various fields of economic, financial, social and ensures a comprehensive sustainable development for all sectors .

Thus continued the Libyan state in the restructuring of the economy , which was adopted and to accelerate the pace by introducing reforms that have been taken in this area , which include the promotion of the private sector and the market economy and the privatization of public institutions and the payment of companies, institutions and banks to enter the securities market as well as expand its cooperation with the International Monetary Fund and achieve progress in the process of accession to the WTO .

According to Libyan sources economical , the editing program of the national economy aims to increase productivity by expanding the ownership base of the Libyans in companies and public institutions and a number of commercial banks that were owned by the state , and the restructuring of these companies to enable them to become competitive enterprises and contribute to the welfare .

It is noteworthy that these actions coincided with the launch of more than 375 state-owned company to privatization and titled for ways collective participation or in partnership with foreign investors over the long-term plan until the year 2008.

Libya was launched on this process to broaden the base of ownership , a new economic system , which is approaching in the applications of the capitalist system but differs from it in the nature of the implementation of its dependence on the popular side .

The new economic policy is based on the work of the country in the direction of stabilizing the economy and create jobs for researchers and improve it and create alternative sources of income for the oil to go around export industries , free zones, transit trade and foreign investment.

Libyan sources say that the new economic approach based on trying to find new alternative sources of income for the oil upon which the country currently .

In an attempt to absorb the price increases experienced by the country and to address the high rate of inflation, which reached a rate of 7 % due to the surge witnessed in the oil markets over the past months has taken the Libyan government a series of actions this year was the abolition of customs duties on all imports of the country from abroad , and the exemption commodity ration , medicines and building materials supply service charges , as well as reduced fees for analysis and detection on the goods supplied .

The economic report issued by the Ministry of Economy, Trade and Investment on the movement of prices in the Libyan market pointed to a rise in the general price level this year , noting that there had been a rise in the average prices of 100 items by 8 and 7 % .

To support these economic measures pursued Libya a new policy in the field of oil and gas exploration , represented in contracting with companies operating in this area through the public announcement of the launch of areas eligible oil and gas in all sedimentary basins rich in Libya , as part of its aims to increase its production capacity in this field.

The Libya has offered qualified areas in the oil- ad four rounds , competed by international companies from all continents .

Sources responsible institution of Libyan oil that the total area granted to companies operating in Libya amounted to about 765 thousand square kilometers, 0.78 % of the land and of 595 thousand square kilometers and 22 % of them in the flooded areas , and an area of ​​170 thousand square kilometers .

Saw Libya this year to sign a number of strategic projects with many international companies valued at more than billions of dollars in rebuilding its infrastructure , including the modernization and construction of new airports , and housing projects huge fleets of commercial aircraft , and dozens of ports and extending thousands of kilometers of different ways and other projects.

The keen European countries and companies , which imports the majority of Libya 's oil exports this year to expand investments in the energy sector in Libya and raced to the Libyan market to take advantage of the dozens of economic projects and oil that have embarked on implementation.

The transformation of the Libyan market to market, a teeming with various international companies from Europe, Asia and Latin America to win this trophy after Tripoli directed towards a policy of market economy and bring about economic reforms and open the country wide open to foreign investment .

By the end of this year, Libya may be opened up wide to enhance their status and political and economic relations with various countries of the world , thus ending the years lived in the collision and repulsion with a number of European countries in general and the U.S. in particular.

December 30, 2008  >>> ARABIC original >>>


Your comment will be posted after it is approved.

Leave a Reply