President of the Presidential Council Fayez Al-Sarraj, on Tuesday, said that the economic reforms have led to the reduction of the fiscal deficit, and the deterioration of the Libyan dinar has been gradually recessed and the prices of basic commodities have been receded.
In a speech to the municipalities of the western region, Al-Sarraj said that this is the first phase of the reforms and will be followed by stages that had been agreed upon. He pointed out the need to complete the structure of the state budget, which drains more than 60% of the salaries, to be distributed to cover the needs and different sectors and service projects and development.
Alsarraj explained that the financial arrangements for 2019 will be announced soon, stressing that the canceling of the force majeure from the Al-Sharara oilfield came after the agreement on the security arrangements under the supervision of the National Oil Corporation (NOC) to drive out armed forces from it.
The President of the Presidential Council (PC) stressed the need to stop the acts of tampering and extortion affecting vital installations, because the victim of these acts are the citizens.
The President of the Presidential Council adopted, on 12 December last, the program of economic reforms, which contributed to the decline in the value of foreign currencies against the Libyan dinar in the parallel market.