- Libyan leader Muammar Gaddafi has promised to distribute oil revenues to all citizens as part of sweeping economic and political reforms.
According to Mr Gaddafi, reforms would come into effect beginning of 2009, marking the anniversary of coup that brought him to power on 1 September, 1969.
"Libyans should all be ready to receive a share of the oil revenues starting from the beginning of next year," Gaddafi told the Popular Congress, which serves as Libya's parliament, in the Mediterranean city of Benghazi.
Mr Gaddafi urged a sweeping reform of government bureaucracy, saying most of the cabinet system should be dismantled to free Libyans from red tape and protect the state budget from corruption.
He said all ministries except foreign affairs, defense, security and justice would be subject to a purge to fight corruption.
"You always accuse the popular committees of corruption and poor management. These complaints will never end. So everyone should have their share of oil revenues in their pockets and manage," Mr Gaddafi said.
He added that Libyans can create their own investments and businesses with the money, and that the process would lead to a genuine direct democracy.
"Corruption and theft of public money will remain if bureaucracy remains," he said, citing that state bank officials had stolen millions in public funds and with further complaints by Libyans of corruption, mismanagement and nepotism.
He further said Libyans should decide for themselves how to spend the oil money, such as on better education for their children, healthcare and freer import of goods to counter monopolies and fight price increases.
Much of what Col Gaddafi said endorsed the recent calls made by his son, Sayf al-Islam Gaddafi who has recently announced his retirement from politics last month.
Libya currently produces around 1.8 million barrels a day of crude oil.
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