Libya encourages private sector to help develop economy

TRIPOLI, Dec. 13 (Xinhua) -- Libya's UN-backed Deputy Prime Minister Ahmed M'etig said on Wednesday the private sector "could help the Libyan economy."

M'etig made the remarks during a workshop held by the Libyan Industry Union in the capital Tripoli, a part of an economic and financial reform program.

The deputy prime minister said that private sector can play an important role in economic reforms.

"We, as the Presidential Council of the Government of National Accord, open the way for the private sector to carry out its national duties, including telecommunications, electricity, livestock, fisheries and many more," M'etig said.

He stressed that the public sector is seeing overcrowding of employees, which causes economic problem. "The Libyan state bears large costs and there must be other employment opportunities in other sectors, especially industrial sector," he said.

Minister of Economy Naser Dresi added that the private sector in Libya "has not been given its rights."

Head of the eastern-based Parliament's Finance Committee Omar Tantoush echoed, calling for "equality between the public and private sectors in order to ease the burden of salaries on the public treasury."

He revealed that "the public sector salaries in Libya currently consume about 58 percent of the public budget."

Libya is plagued by economic crisis due to escalating violence and political division following the 2011 uprising that toppled former leader Muammar Gaddafi's regime.

Oil revenues, the country's main source of income, decrease in the past years due to closure of oil fields and ports by armed conflict, resulting in shrinking foreign exchange reserves and losses of more than 140 billion U.S. dollars. Enditem