Libyan Central Bank warns of financial collapse if oil production not restored
Libya has lost $180 billion in oil revenues since 2013, according to the Tripoli-based central bank.
The near halt of Libya’s oil production and exportation amid the civil war could cause the country’s economic collapse, the head of the Tripoli-based Central Bank of Libya warned on Tuesday.
Al-Saddiq al-Kabir told Tripoli’s parliament that shutdown of the country’s oil production and exportation since 2013 has cost Libya some $180 billion in losses, which he called “a bullet in the head” to the country’s economy.
Al-Kabir said Libya needs to produce 1.7 million barrels per day to compensate for current spending levels. He also said the country’s debt had reached 270% of gross domestic product, The Libyan Observer reported.
Gen. Khalifa Hifter, leader of the rival military forces of eastern Libya, halted oil operations in areas under his control in January.
