Libya plans to privatize public sector companies, establish stock exchange

[tolibya]

(MENAFN) - Libya's Cabinet Minister announced a series of planned reforms for the North African country's economy, including the sale of 360 state-owned companies and establishment of a stock exchange, the Associated Press reported.

The minister was quoted as saying that Libya was embarking on a privatization program because of the failure of public sector companies to achieve their goals.

The minister added that Libya's reform process, particularly the sale of state-owned companies including iron and steel, cement and chemical operations, would begin in January and last five years.

According to the minister, companies in strategic sectors, such as oil and electricity, would not be sold.