Libya's Minister of Economy and Commerce, Suhail Boushiha, has issued a decision to form a committee of eight economic experts. The committee is tasked with preparing a proposal to restructure the Libyan economy and design a model for a gradual transition from a rentier economy to a productive, diversified, competitive, and sustainable economy. This aims to diversify income sources, create job opportunities, and improve citizens' living standards.
According to Decision No. 542 of 2026, the committee will prepare a comprehensive vision for the new economic model. This vision will determine the mechanisms for managing the economy and its policies, as well as ways to diversify income sources and exports. The committee will also develop sectors capable of achieving growth and attracting local and foreign investments.
The committee has been tasked with preparing a structure for the gross domestic product and identifying priority economic sectors with competitive advantages. These sectors should be able to provide job opportunities, reduce imports, and generate non-oil exports. The committee will also propose integrated economic policies covering financial, monetary, investment, commercial, and labor market aspects.
The committee's responsibilities include determining the role of the state in developing infrastructure, stimulating industries, and investing in partnerships with the private sector. A plan for a gradual transition to a diversified economy will be developed, including clear stages and indicators to measure results. Key indicators include the contribution of non-oil sectors to GDP, public revenues, and exports.
The decision emphasizes the need to study the impact of economic reforms on citizens' living standards. The reforms should contribute to raising real income, improving public services, creating sustainable job opportunities, reducing economic disparities, and protecting vulnerable groups. The committee is allowed to seek the assistance of experts and specialists to complete its tasks.
The committee will submit its final report to the Minister of Economy and Commerce, along with a document outlining the proposed economic model. The decision came into effect on the date of its issuance, October 29, 2026. The Ministry of Economy and Commerce aims to implement this new economic model to achieve sustainable economic growth and improve the living standards of Libyan citizens.
Key points
- The Libyan government aims to transition from a rentier-based economy to a productive, diversified economy.
- A committee of eight economic experts has been formed to develop a new economic model.
- The new economic model seeks to diversify income sources, create job opportunities, and improve citizens' living standards.
