Life under Gaddafi's rule

I am not sure how many of the statements below are true. This article has been circulating in the internet for a long time. If they are true, are the Libyans better off now? Also, are the Iraqis better off now?

Here are the claims of life under Gaddafi's rule.
1. There is no electricity bill in Libya; electricity is free for all its citizens.
2. There is no interest on loans, banks in Libya are