The Presidential Council of the National Reconciliation Government recently held a panel discussion to discuss the economic and financial reform that is so necessary.
The panel was held with the Central Bank of Libya, the Audit Bureau, many individuals from the media, and industry experts.
The panel looked into the important factors related to economic reform and the financial reform program which was prepared by various committees and groups.
The Director of the Research Department at the Central Bank of Libya summarized the program and highlighted the following points:
***Supporting the National Oil Corp.
***Correcting the exchange rate and setting it at the equilibrium price.
***Reviewing support policies and setting up a replacement program to support it.
***Reviewing trade policies and anti-smuggling programs which are in place.
It was agreed by all in attendance that there is a dire need for changes and reform to be made. Additionally, there is a need to reduce the financial resources of the country which now take up about 65 percent of the general budget.
Without these changes taking place, it was agreed, there will be no recovery of the economy to a tangible degree.
