Global Arab Network | Economic future for Libya brighter than in Tunisia, Egypt

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Economic future for Libya brighter than in Tunisia, Egypt

Global Arab Network - - Ahmed Gamal

Monday, 29 August 2011 23:24

http://www.english.globalarabnetwork.com/images/stories/2010/Nov/Egypt_Libya_Tunisia-map.jpg

Global Arab Network - As the Libyan rebels continue to mop up resistance inside Tripoli and extend the nominal authority of the Transitional National Council to the rest of Libya, it is important to remember that the establishment of a new Libya will take time and face challenges even greater than those required to topple Muammar Qaddafi.

Although these are immense challenges, Col. Qaddafi’s ouster is a novel opportunity for the creation of an accountable government armed with the tools for rapid economic development in the heart of North Africa.
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Despite its near total lack of a private sector and endemic levels of corruption and bureaucratic dysfunction, Libya’s prospects for sustainable economic growth should be brighter than that of its revolutionary neighbors, Egypt and Tunisia. That’s because of Libya’s immense resource wealth, small population, and ability to attract foreign investment and expertise.

To best secure the future of the Libyan state, it is imperative that the Transitional National Council uphold the transparent and comprehensive institutional framework recently outlined by the council’s interim prime minister, Mahmoud Jibril. This concrete and methodical “road map” for the formation of a post-Qaddafi government rightly delineates the procedure for elections based on the convocation of a National Congress composed of members of all regions of Libya. The congress would draft a constitution for a nationwide referendum under the supervision of the United Nations.

Global Arab Network

Read More: Source: Click Here http://www.csmonitor.com/Commentary/Opinion/2011/0829/Economic-future-for-Libya-brighter-than-in-Tunisia-Egypt

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Last Updated on Monday, 29 August 2011 23:36

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