Libyan businessman says Metro project isn’t a top priority for Libya
Reactions varied between satire and criticism to the announcement of a possible Metro line to be launched in Libya by the Minister of Economy Ali Al-Essawi.
Al-Essawi said in a presser on Sunday that Libya will pay nothing for the project as it will be a 100% investment Metro line by both local and foreign investors, if agreed on.
Meanwhile, the Libyan businessman Husni Bey told Libyan Express that there are priorities now for Libya in order to serve public interest, such as public transport, but this comes at the end of the priorities.
“Top priorities are Education, health, police, sewage, water and electricity. At the moment, the government cannot afford to spend on mega projects.” Bey explained.
He added that Libya must look at the sources of the funds and the economic viability of the project, saying
if the project is financed within a government budget by the Libyan currency generated by the foreign currency surcharge, this will cause a financial and monetary distortion.
“Buying USD at the official rate of exchange 1.400 through Libyan currency generated by the foreign currency surcharge amounts to fiscal and monetary policy suicide.” He said.
Bey also added that the project is of great interest to the private sector without government budget allocation.
“All needed is 13 Billions LDs of the 120 Billions Private Cash and Deposits M1 holdings ( 11.5% ).” He explained.