Ali al-Hebri, Interim governor of the Central Bank of Libya writes, in an exclusive article on The Address, to the UN envoy to Libya Ghassan Salamé.
Dear Dr. Salamé .. it is about time for justice!
By Ali Hebri – Interim CBL Governor | The Address | Benghazi – Libya
As emanated from the press conference held by the entire CBL team in Benghazi revealing fact figures that reflected the reality on the ground through correct validated financial data that spoke for all various CBL branches in Tripoli, Benghazi, and Bieda; and you can clearly read that from the following:
First: the general expenditure (value in million dinars)
First: West of Libya
Second: Eastern region of Libya
Overall total: (million dinars)
So this percentage that the East of Libya has spent is lower the than the deserved standard allowance in the general national budget that was adopted (by the previous regime before revolution); which is (30:70), which depicts the deficiency in the general expenditure for the East, since 67% of this expenditure went towards paying salaries and wages, and huge sums of what little remained was directed towards financing the global battle against terrorism.
Second: liquidity (million dinars)
It is then clear from the above tabled-figures that if the board of directors did not intervene and agree to print money for the whole area of the East and much of their alliance; West and South, to confront “deliberately cooked” crisis, that would have delivered a just percentage of 38% to allow the Eastern region and other associates to sustain and energize their economic activity. The intention was to stifle this just percentage also was a designed prelude to stifle the whole region of the East & Co for political reasons known to all. The printed money was a true turning point for the region.
Last part; foreign currency
We have seen the right percentage in distributing economic activity tools were as follows:
- General Budget – average, 23% is the percentage for the East
- Liquidity – average, 38% is the percentage for the East
- Foreign Currency, average, less than 1% is the percentage for the East
- Public Debt, average, 31% is the percentage for the East
All indicators certify that what happened to the East (printing money) created some sort of balance in the economic activity distribution indicators except for foreign currency because it all flows from Tripoli-CBL and is still unreasonably controlled and distributed to other synthesizing regions of the country.
Therefore, the smearing campaign against expenditure in the East is immoral, so is the instance against printed notes which are legal and binding and authorized by the legitimate authority represented by the board of governors, also the same was against the public debt which paved the only way for available finances. However, there is not much talk about the need for justice in the distribution of foreign currency amongst geographical regions which requires an immediate re-addressing the cause of just distribution to enable the economics-formula to be adjusted as follows:
As a result, every geographical location will appreciate its competitive capacity to benefit from its economic strength, and stimulate its productivity, and encourage women and the young by creating jobs and control the necessary money and liquidity in accordance to its economic needs, and certainly not according to the temperament of Tripoli-CBL governor (the de-facto authority) contravening the will and authority of the legitimate CBL united board of directors and the continuous attitude of intentionally disregarding the rightful authority which makes it incumbent upon that you must raise your voice and say:
it is about time for justice..