Ramadan celebrations in Libya tempered by soaring prices and shortage of fuel

Economic Challenges in Libya During Ramadan

Libya, rich in oil and gas reserves, continues to face economic difficulties, exacerbated by political divisions and a devalued currency. Despite the country's natural wealth, shortages of goods and fuel persist.

During Ramadan, a period when families traditionally gather for meals, Libya's economic challenges have intensified. Supermarkets have had to ration goods, and many petrol stations are experiencing fuel shortages. In Tripoli, cash shortages at ATMs have further complicated the situation.

Currency devaluation has significantly impacted everyday life. Prices for essential items, such as cooking oil, have doubled, while meat and poultry costs have increased by fifty percent. Gas cylinders, officially priced at 1.5 dinars ($0.24), are often unavailable through state distributors and have seen black market prices rise to 75 dinars ($11.85).

Since the fall of Muammar Gaddafi in 2011, Libya has been divided between an internationally recognized government in Tripoli and an eastern administration backed by Khalifa Haftar. Political instability has hindered economic recovery and contributed to a lack of a unified national budget and uncoordinated public spending.

The Central Bank's recent decision to devalue the dinar by nearly 15 percent aimed to maintain financial stability but has increased the economic burden on citizens. Prime Minister Abdulhamid Dbeibah has acknowledged the impact of these measures on the population.

The United Nations Support Mission in Libya has expressed concerns about increasing poverty and societal pressure, warning of potential political and security challenges. Declining oil revenues and unsustainable public spending further complicate the economic landscape.

While Libya marked the anniversary of the 2011 uprising with fireworks in Tripoli, the socio-economic challenges remain a significant concern for its citizens.

Based on reporting by Africanews.