Tripoli - 15/12/2017

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Libyan Economy

Overview

The economy has been undergoing a gradual process of liberalisation by the government since 1985, but in specific terms (transition of state-owned enterprises to the private sector), it started in 1989. There are laws and decisions concerning privatization, which come in the form of the issuance of regulations for the privatization of certain government-owned enterprises and by allowing private businesses to operate in the country.

Many state-owned enterprises are listed and are under assessment and revaluation for privatization. There is the General Authority for Privatizing the State-Owned Enterprises (according to GPC decision No. 184 of 2001), which contracted some consulting companies for this scope. Foreign participation to invest in the privatized enterprises has already been applied and considered, side with the national participation.

In late 2003, the Secretariat of General People's Committee (SGPC) declared 5-year privatization program (restructuring, revaluating and transaction to take place 2004-2008). In this program Libya's economic activity will be transferred and run completely by the private sector and that 360 state-owned enterprises will be privatized. Privatizing processes are already taking place; nationals and some foreign enterprises have bought considerable shares. The privatization program is divided into three phases as in the following table.

Table: Privatization program phases 2004-2008

Activity Phase 1 Phase 2 Phase 3 Total
Industrial 145 41 18 204
Agricultural 28 4 24 56
Animal breeding 71 - 11 82
Marine 16 1 1 18
Grand Total 260 46 54 360

Phase 1: 01/01/2004-31/12/2005
Phase 2: 01/07/2004-30/06/2007
Phase 3: 01/01/2004-31//12/2008

Participation in WTO

In 2001, Libya applied for membership to the World Trade Organization. The Libyan application was accepted by WTO and, negotiations have been started to meet the requirements.

 

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