Libya cannot stake it future on the assumption that the country’s oil reserves will last forever, said the country’s leader Moammar Qadhafi, speaking on state-wide television to mark the occasion of the first meeting of the new year of the Libyan general people's committee, reported the pan-African News Service.
The oil tap will run dry one day, Qadhafi stated, and when it does the country will have to rely on other resources to finance food imports that today $1 billion per annum and medical products which cost $280 million per annum.
Oil today provides about 95 percent of Libya’ revenues. Experts say it has sufficient reserves to last another 25 years.
Qadhafi called on the general people's committee to enact legislation, which will furnish the country with a modern infrastructure.
What are needed are roads, electricity, water, sewerage, communications and telecommunications, in each and every district of the country, he said.
Qadhafi said that a good portion of Libya’s economic future will rests in its ties to Africa, and it would be wise at this juncture to use its oil revenues to invest in other countries the continent. – (Albawaba-MEBG)
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