The Minister of Economy and Trade, Mohammed Al-Huweij, called on the ministry’s departments and investment agencies to prepare a strategy for economic diversity for 2030, discussing in a meeting with the directors of departments, the Chairman of the Board of Directors of the General Authority for Investment Promotion and Privatization Affairs, and the Chairman of the Board of Directors of the Libya Trade Network, the mechanisms for implementing the Libyan government’s plan to address fuel subsidies and replace them with cash grants.
Al-Huweij called for forming a technical committee to prepare a mechanism for replacing fuel subsidies with cash subsidies, according to the vision of the Government of National Unity to improve the level of services.
The meeting also reviewed the implemented stages of the digital transformation plan of the Ministry and its affiliates to activate the trademark system and the mechanism for linking the commercial registry system with the civil registry system and the National Identification Number in coordination with the General Authority for Information.
In its recent meeting, the GNU cabinet discussed the issue of fuel subsidies, but it did not announce that any action had been taken regarding lifting subsidies partially or completely. The Head of the Audit Bureau, Khalid Shakshak, said during the meeting that lifting subsidies on fuel “has become a national duty in view of the prices in neighboring countries.”
