Chaos-ridden Libya’s economy on the brink, say experts

Chaos-ridden Libya’s economy on the brink, say experts


Political stalemate and the conflict rocking Libya are preventing the North African country from taking advantage of its vast oil resources and pushing the economy towards collapse, experts say.

When the 2011 uprising toppled the regime of dictator Moamer Kadhafi, Libyans dreamt of transforming their country into another Dubai. Today, they have somewhat lower expectations.

“To live in security, have electricity, fuel and a salary, and send our children to school. We’re not asking for anything more than that,” said Mahmoud, a 35-year-old Tripoli resident. Long queues form every morning at banks, which do not have enough cash to meet customers’ needs, and the people face unprecedented high prices.

sauce via IrisWest