The Chairman of the Libyan General Union of Commercial Chambers, Mohammed Al-Raeid, said Libyan businessmen can put an end to the ailing economic crisis in the country, adding that courageous decisions must be made and businessmen must gear toward the private sector not the public one.
At the first reconstruction and refunding the development projects meeting on Tuesday at Tripoli-based Radisson Blu, Al-Raeid added that the private sector has been given no chances despite being tremendously successful in providing all the needs of the Libyans and despite receiving no letters of credit from the Central Bank of Libya.
“Since there are two prices for foreign currencies in Libya, then there is corruption.” Al-Raied remarked.
He said that the subsidization of commodities or fuel must be replaced by money grants, as this step would help limit the ongoing smuggling in the country.
“The CBL should change the exchange rate of the foreign currencies and make it available for all businessmen.” Al-Raeid added, saying he rejects resorting to Prices Balance Fund and the queues of people that will follow as a result, calling the idea “an aim at starving the Libyans.”
He said that changing the exchange rates of foreign currencies by the CBL will end nepotism among businessmen and will hinder smuggling, adding that the businessman who ventures paying a lot of money will never bring empty containers or below-standard goods.
“There are a million and a half employees working in administrative departments in the governmental institutions in a country with a population of six million, thus creating loads of hurdles for the state budget.” Al-Raeid concluded, saying that this is a proof that the private sector is marginalized.
