The Libya ruined treasury completes the country economic bankruptcy
The Libyan economy still beat some life, especially in the private sector, but the
widespread of corruption, continuing fighting, the lack of security and the rule of law.
These above-mentioned elements threaten to eliminate the remainder of the Libyan Treasury funds that accumulated through the revenue of Libyan oil and gas production.
The Libyan oil and gas revenues which suppose to support growth and social development, industrial, agricultural, commercial and urban was wasted in a bad management.
It's a painful reality that the country of Libya experiencing, devastating events ridden toward the unknown future of the Libyan economy.
Perhaps, the first signs of a deteriorating economy are the true ruined Libyan Treasury and mad prices that escalating intensity without control, which continued to the deterioration of the Libyan dinar.
Unstable Libyan Dinar against the hard currency such as the US Dollar during the past few years which relapsing dinar in a convalescence recovery against the US dollar>
Libyan Treasury deficit can not provide hard currency for the Libyan citizen through Libyan banks especially Libyan commercial banks as well as State-owned Libyan Banks.
This rapid deterioration in dinar ignited fires on prices in many of the basic material and deliver it to the fantastical levels for holders of government jobs and Libyan groups middle income, fixed income as well as for those who live on Libyan Government assistance.
These deteriorating living conditions have increased the suffering of the low-income families whom they have paid horrendous calamity in the price hikes that exists in every corner of the economy.
Above all, the civil war in Libya are threatening to ruin residential building, industrial infrastructure especially in disputed areas between East and West of the country and moving to the south of Libyan,
Libya is experiencing the worst political management of the State of Libya, the Libyan armed groups control the country direction leaving "ISIS" terrorist on sensitive sites in the country.
A Libyan civil war lost national economy Chamber for the benefit of the contending forces and fighting in order to govern and control the destinies of the Libyan State.
While Libya continuing the war and the fighting among the people of one nation, an increasing corruption and deterioration of basic services are manifested in the country.
The process of wide impoverishment of the Libyan people is the way and the need for stability and security is the advancement of the many honorable Libyan patriots to curb out the desecration of the country that leads to the backwardness of Libya.
Written by: Ramzi Halim Mavrakis
Libyan businessman, resident in the United States.
