Perhaps Libya is as reliable as anywhere else in the world - it's all a matter of perspective. Ask The Pirate Bay guys how confident they would be using a .com. Still, the idea of putting a service that offers 'permanence' on a domain so far out of reach seems like a bad idea to me.
"The Libyan governing authority for .ly domains, NIC.ly, explained this week that domains that run afoul of the country's 'morality' laws are being taken offline"