Libya confront economic challenges after end of Gaddafi era

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Libya is currently in a state of euphoria as they celebrate their newly established sense of independence.

However, the economic problems which the country faces in the wake of Col. Gaddafi’s removal are numerous and potentially very damaging.

Unsurprisingly, oil is at the centre of the economic issues which will now come under the review of the newly installed administration.

Officials from both the International Monetary Fund and the World Bank have pledged to help Libya assess their economic problems and have also signalled their support for the new transitional government.

However, Middle East expert Anthony Cordesman has suggested that the key to Libya’s financial future may not rest entirely on oil production.

“It (the Libyan economy) has to create an economic structure that has many other ways of providing money, or its people are not getting the stability, the careers, and the income they want.

“At this point in time, Libya can draw on the fact Gaddafi built up a vast amount of international reserves. Many of them are not liquid. It does not have the capability or the governance to spend the money quickly and wisely, and that amount of money will go very quickly if it’s wasted simply on empty jobs and big projects that don’t produce any real development.”

It may be that Libya needs to diversify its exports if it going to enjoy a prosperous and sustainable economic future.

Transfer Money to Libya

If you are looking to invest in Libya, think carefully about how you will be transferring money to Libya. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Libya – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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