Fezzan University
Faculty of Economics and Accounting - Murzuq - organizes a scientific seminar titled: "The Crisis of the Libyan Economy: Causes and Proposals for Overcoming the Crisis."
Wednesday, April 23, 2025.
● As part of Fezzan University's efforts to enhance its research and community role and contribute to providing realistic solutions to the pressing economic issues facing the country, the Faculty of Economics and Accounting in Murzuq organized a scientific seminar this morning, Wednesday, April 23, 2025, in the college auditorium, titled: "The Crisis of the Libyan Economy: Causes and Proposals for Overcoming the Crisis."
● The seminar was attended by Prof. Mahdi Milad Al-Jadi, President of the University; Prof. Ibrahim Al-Mahdi Ahmed, Vice President for Academic Affairs; Prof. Youssef Mammadou Hamidi, Dean of the Faculty; several deans of faculties; directors of university departments and centers; faculty members and students; and a number of local officials, including a representative from the Murzuq Security Directorate, police officers from the directorate, , a representative of the Libyan Development and Reconstruction Fundthe director of the Murzuq Basin Office, the director of the Administrative Control Authority, Murzuq branch, the director of the Audit Bureau, Murzuq branch, bank managers, and municipal mayors.
● The seminar commenced with welcoming remarks to the esteemed attendees, followed by a recitation of verses from the Holy Quran, immediately followed by the national anthem.
● The seminar targeted specialists in economics and accounting, businesspersons, faculty members,
, as well as those interested in following Libyan economic affairs.
● The seminar included several key topics, the most important of which are:
- Topic One: The Real Causes Affecting the Libyan Economy.
- Topic Two: Discussion of the Measures Taken by the Central Bank to Mitigate the Severity of the Crisis.
- Topic Three: Proposals to Rescue the Libyan Economy from its Current Crisis.
● The seminar featured local and international scientific contributions from specialists in the field of economics through Google Meet, reflecting the college's commitment to incorporating various perspectives, expertise, and experiences in discussing vital national issues.
● At the conclusion of the seminar, ample time was provided for the esteemed attendees to participate and engage in constructive scientific discussions focused on the crisis of the Libyan economy. The event concluded with the presentation of results and final recommendations, accompanied by a visual display highlighting the event's activities.
Seminar Recommendations:
- Rationalize public spending within the entities included in the state budget and public economic bodies during the current economic crisis.
- Reassess the salary scale of state employees to achieve social justice.
- Work towards abolishing the fuel exchange system due to its negative impacts on the wealth of Libyans and the waste of their resources.
- Address the issue of reliance on imports from abroad and establish a degree of independence.
- Aim to approve a unified budget for the Libyan State concerning available resources, while adhering to balanced spatial development policies.
- Adopt economic, financial, and political reform programs that reflect exchange rates, flexibility, taxes, electricity, public finance, and the restoration of state institutions.
- End the state of political and institutional division, and develop an economic vision with comprehensive plans that have specific objectives addressing the financial and economic situation in Libya.
- Activate oversight bodies as a requirement to protect public funds and preserve the resources of the Libyan state.
- Work on implementing monetary and fiscal policies under good governance to reduce financial risks.
- Diversify income sources and move away from a single-source economy reliant on oil.
- Working on investing in human capital through education and training, while keeping up with the demands of development and sustainability.
- Emphasizing the role of universities and research centers in addressing economic challenges by holding seminars that can produce outcomes for decision-makers.
(Media Office of Fezzan University).
