The Chairman of the National Oil Corporation’s Performance Monitoring Committee in the House of Representatives, ‘Youssef Al-Agouri,’ expressed the committee’s great interest in following up on developments in the issue of lifting subsidies on fuel.
In a post published by the spokesman for the House of Representatives on his Facebook account, Al-Agouri stressed the necessity of listening to the different points of view on this matter, given the potential significant effects of this matter on the economic, social, and security levels, especially the standard of living of the Libyan citizen, who faces great difficulties due to the economic conditions that are affecting them.
Al-Agouri stressed the importance of addressing the issue of fuel subsidies, especially in light of the increasing financial allocations for the subsidy item from the state’s general budget, stressing that making the right decision should be in accordance with comprehensive and accurate scientific studies that take into account all relev
ant economic variables, as well as the political conditions and opportunities for implementation.
The head of the National Oil Corporation performance follow-up committee revealed that the committee, several months ago, commissioned an economic expert to conduct a comprehensive economic study on the potential effects of lifting subsidies, possible options, and the results of each option. The study relied on standard economic tools to measure the impact of this decision on macroeconomic variables to clarify the various results and potential expectations.
He added that the study has been completed and will be presented to public opinion through a symposium that will be organized soon in the House of Representatives, and that the committee’s approach to the issue is to open the door to dialogue and provide the opportunity to present all points of view on scientific foundations that take into account the various aspects, in order to reach the best possible solutions for the public interest and the standard of l
iving for the Libyan citizen.
Source:Libyan News Agency