Prime Minister Abdul Hamid Dbeibah on Tuesday presided over a meeting to discuss lifting subsidies on fuel and ways to increase fuel supplies and halt its smuggling.
The session grouped the governor of the Central Bank of Libya (CBL), the head of the Audi Bureau, and the chairman of National Oil Corporation (NOC), besides officials of relevant ministries and institutions.
According to the government (GNU) statement, the group agreed to commission the Ministry of Economy to determine the fuel needs in the local market, as well as the NOC to launch a tracking system that binds all distribution companies.
The statement indicated that there was total consensus on the need for a clear economic vision to safeguard the shifting process intended to limit the smuggling phenomena.
They also discussed the role of the private sector and the importance of joining efforts with public institutions to implement the government's strategy in this regard.
On May 23, the Minister of Economy and Trade, Muhammad Al-Hawaij, directed the formation of a technical committee to develop a mechanism for substituting fuel subsidies with cash support in accordance with the government's vision to improve the quality of services.
Last March, the International Monetary Fund put forth three recommendations to the CBL during consultations held in Tunis.
The recommendations included diversifying income sources, weaning the economy off oil, and considering subsidy reforms, particularly on fuel.