Colonel Muammar al Qathafi the Leader of the great al Fateh Revolution has addressed the evening session of the scientific seminar on the Libyan economy and the saving of oil revenues, future vision, which is organised by the faculty of accountancy and economy in the university of al Tahadi, Sirte shabiya. He made a number of remarks and observations concerning the oil sector and its role in the Libyan economy. He called on the Libyan people not to rely on oil for their present living, future and the future generations. He warned that such reliance on oil wealth would be harmful because this wealth is not constant and oil is something that does not last. Colonel al Qathafi stated in his intervention that the Libyan budget depended basically on oil. Eventhough, the agricultural and industrial projects established with the aim of providing alternative revenues, were found not to be so as we used the oil revenue to spend on such projects, due to mismanagement and negligence.
| They pissed it all away on show projects, did they? |
He revealed that other non-oil sectors do not contribute effectively in the national income as they are basically dependent on oil. He said: we have been engaged in vary bad habits which squandered the oil revenues for years to come and cited several examples in this respect. He reminded the seminar with other past interventions he made, partcularly the proposal to distribute oil wealth on Libyan population. This had been discussed by the basic peoples congresses and was not approved. He said: I then proposed to save part of oil revenues annually and so far what is saved is around 14 billion dollars. These funds are now invested in various other projects that generate profit for the general treasury of the people.
| "The rest of it, we spent on weapons and military adventures and high politix and grandiose domestic projects that never came to much. We've been rolling in oil dollars for all these years since I took power, and that's all we've got to show for it: $14 billion invested in, ummm... Iraqi bonds. |
The Leader confirmed in his intervention the need for Libyans to contribute financially in establishing investment projects that make profit and satisfy the needs of the society, such as major roads, ports, production factories etc.
| "So you guys are gonna have to dig deep and kick in..." |
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