UK Report: Libyan Economic Collapse Due To NATO Intervention
A recent UK Parliamentary report casts doubt on the Obama Administration’s claimed motivation to intervene in the Libyan civil war.
The US-led NATO coalition, purported by President Barack Obama and then Secretary of State Hillary Clinton to be undertaken in order to protect Libyan civilians, is being blamed for the economic woes facing Libyans.
The UK Parliamentary report states:
“In particular, the Government failed to identify that the threat to civilians was overstated and that the rebels included a significant Islamist element. By the summer of 2011, the limited intervention to protect civilians had drifted into an opportunist policy of regime change. That policy was not underpinned by a strategy to support and shape post-Gaddafi Libya. The result was political and economic collapse, inter-militia and inter-tribal warfare, humanitarian and migrant crises, widespread human rights violations, the spread of Gaddafi regime weapons across the region and the growth of ISIL in North Africa.”
The removal of Gaddafi’s regime created such instability that the country’s National Oil Corporation could no longer properly function, leaving the Libyan economy in turmoil.
The Libyan Gazette is reporting that Libya’s Government of National Accord and the Libyan Central Bank began talks in Rome Thursday, November 17, to discuss an agreement to revive Libya’s failing economy.
The meeting developed as a consequence of a recent World Bank report detailing a disastrous situation for the Libyan economy.
The report states that oil production, which accounts for 95 percent of its revenue, is only at 20 percent of its capacity due to political upheaval. Consequently, salaries are being withheld, banks are limiting withdraws, and inflation – most notable in surging prices of food – are causing concerns of a looming catastrophe.
In an effort to finance budget deficits, Libyan foreign reserves have dropped from $107.6 billion to $43 billion in three years. The focus of the meeting is to decide how best to stimulate cash flow into Libya’s economy.
Libya, a once prosperous nation with equal rights for women, is in an economic downward spiral, with women’s rights eroded, and ravaged by human rights violations, after NATO’s partnering with misogynist terrorists under the false claims of threats to civilians. This failed foreign intervention has led to misery for the Libyan people, and the continuing growing threat of terrorism with no end in sight.
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