How Libya Blew Billions and Its Best Chance at Democracy


libya battle

 

 

When Muammar Qaddafi, then so-called the ‘Madman of Africa’, ruled Libya, this nation of nearly 6.5 million, despite brutal totalitarian rule and very strict control in all aspects of life, achieved unprecedented success as one of the richest, and most prosperous, in Africa. While dissident voices were crushed and government opposition was severely curtailed and tortured in underground prisons, literacy rate was nearly in its absolute terms. Healthcare was provided free for everyone, and its populace even received yearly bonuses from the government. It also has one of the world’s highest foreign exchange reserves, with the bulk worth more than 100 billion US$ stored safely in bank accounts across the globe, excluding their another sovereign wealth funds. Economy was highly booming, with numerous projects being implemented across the whole country. Infrastructure, in particular its irrigation, was fully functional.

All these hopes shattered when Arab Spring took the country by force. Preferring ‘freedom’ to ‘stability’, the country’s people, young and old, men and women, moderates and hardliners, all took their weapons to overthrow what they had deemed ‘four-decades of soul-deafening rule’. Everyone was looking for that voice, the opportunity for them to express themselves as they wished. They staked everything else for the sake of democracy, and for the sake of freedom.

Now, with Qaddafi’s rule coming to a tragic end, Libya is now at its own tatters. Democracy is partially achieved, but under a very dangerous cost: militia battles become a daily consumption for most of its populace. Paradoxically, and sadly enough, almost everyone was longing for his leadership, once again.

Read the full article in Bloomberg Businessweek to know more the fate of post-Qaddafi Libya.

 

Excerpt:

 

In the last few months, the Libyans have been finding out. Warring militias have destroyed large sections of Tripoli’s international airport with mortars, shoulder-launched missiles, rockets, and tanks. The fighting made the news again in July when a rocket or shell set a large oil depot on fire, sending clouds of choking black smoke over Tripoli. Shortly thereafter, 27,000 Libyans fled the fighting on foot in a single day, arriving as refugees in neighboring African countries. In just one week in July, according to a brief issued by the Soufan Group, a consultancy specializing in the Middle East, more than 60 people were killed in Benghazi, and the U.S., Britain, France, Germany, and Canada have evacuated their diplomatic personnel.

Libyan oil production has declined to about 300,000 barrels a day, and a half-dozen prominent figures on the Libyan political scene, whose names had appeared in optimistic Western newspaper articles about the brave Libyans who opposed Qaddafi and fought for a more equal and democratic future, have been murdered. Their deaths have passed without any demonstrations or other significant forms of public notice inside Libya, a measure of how irrelevant the causes for which Libyans fought three years ago have become.

Libya’s economic future, once touted as the brightest in Africa, looks equally bleak. Western news sources around the time of Qaddafi’s death reported that the dictator had stashed tens of billions of dollars away in overseas accounts that the country desperately needed to pay its bills. After the dictator was toppled, the search began for his hidden personal fortune—an El Dorado of imagined gold that was built in part on the confusion between Qaddafi’s personal assets and state-controlled assets such as the LIA. This fortune was estimated in various publications to be from $70 billion to $100 billion and quickly gave rise to a cottage industry in which fortune hunters struck deals with representatives of Libya’s National Transitional Council to locate missing assets in return for 10 percent of the take.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s