Libya’s Economy Minister: ‘No Need to Panic’

Amid growing concerns about Libya’s economic stability, the country’s Minister of Economy and Trade, Mohammed Al-Huwaij, sought to reassure citizens on Sunday that the nation has a strategic reserve of basic goods sufficient for at least three months.

Speaking at a press conference, Mr. Al-Huwaij emphasised that essential commodities are not only available but also being exported. He cited sugar as an example, noting that Libya’s per capita consumption far exceeds the global average.

Addressing concerns about potential shortages and price hikes, the minister urged banks and traders to activate their credit lines and adhere to pre-crisis prices. He stated that all necessary credits are expected to be opened this week.

Mr. Al-Huwaij further revealed that international partners have assured Libya that the flow of food, medicine, and other essentials will not be disrupted. He also called on security and regulatory authorities to intensify efforts to monitor and control prices, ensuring that traders comply with official rates and prevent speculation in the dollar and other foreign currencies.

In a stern warning, the minister condemned the practice of treating the dollar as a commodity and urged an end to currency speculation. “The dollar has become like a commodity, and it is not permissible to turn currency into a trade,” he declared.

The minister’s statements come as Libya grapples with the economic fallout of recent political turmoil and ongoing conflict. While his assurances aim to quell public anxiety, the true extent of the country’s economic resilience remains to be seen.