Cape Town - Libya needs to change from an oil-based economy with virtually
no national institutions to a new state with more inclusive and integrated economic institutions, says the African Development Bank (AfDB) Group.
In an economic report, the AfDB analysed the changes needed in post-civil war Libya as the country is poised to embark on long-term economic planning.
In its business environment, Libya needs to develop and strengthen public investment codes to make its bureaucracy more efficient and streamline the banking sector, according to the report.
It includes recommendations to catalyse the planning efforts of the new Libya, and underscores the need to improve knowledge of institutions. The country needs to advance economic governance, according to the report, which proposes independent teams to manage wealth and decentralise the economy.
On the role of the government and private sector, the document proposes developing plans for the state’s disengagement, excluding the oil sector.
This means developing more initiatives to support the private sector, as well as other plans to boost economic diversification and create social safety nets. Building new and revitalising existing institutions will boost Libya’s economic and social situation, said the report.
In an economic report, the AfDB analysed the changes needed in post-civil war Libya as the country is poised to embark on long-term economic planning.
In its business environment, Libya needs to develop and strengthen public investment codes to make its bureaucracy more efficient and streamline the banking sector, according to the report.
It includes recommendations to catalyse the planning efforts of the new Libya, and underscores the need to improve knowledge of institutions. The country needs to advance economic governance, according to the report, which proposes independent teams to manage wealth and decentralise the economy.
On the role of the government and private sector, the document proposes developing plans for the state’s disengagement, excluding the oil sector.
This means developing more initiatives to support the private sector, as well as other plans to boost economic diversification and create social safety nets. Building new and revitalising existing institutions will boost Libya’s economic and social situation, said the report.