Structural Reform in Libya had been espoused to integrate the country's economy into the global economy and restructure the domestic economy. Libya's economy strongly depended on oil business. The main aim of the government was to determine a business friendly policies for investment and trade.
Reform Process:
The Libyan government introduced some new plans for modern legislation to encourage market competition. A new competition authority had been established and all the hindrances of trade and investment had been removed. Corporate costs had been minimized and the subsidies to the farmers was revised.The government introduced a micro-credit plan to the rural enterprises and improved the loan guarantee schemes. Lot of attention had been given on the development of the agricultural processing, tourism and jewelery industries. Moreover, several measures, like determining the customs legislation, competition law, social security requirements, trade law etc, had been taken to improve the regulatory and administrative structure.
The government initiated some serious steps to prevent corruption. Several laws had been formed for this purpose. The government also had taken some policies to open the political space up and make the public policies more accountable. A new legislation for offering more freedoms to the labors had been introduced in 2004. The labors were allowed to form union or organize public meetings.
Women were given the political right which was a big step of structural reform. Several important ambassadorial and ministerial posts had been offered to them as well. Domestic economic policies were made more transparent to encourage the private enterprises for trading.
