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CBL: $49 billion financial losses due to the collapse of oil production

The Address | Benghazi – Libya

TRIPOLI – Governor of the Tripoli-based Central Bank of Libya (CBL), Sadiq al-Kabir, said in media statements that he estimates Libya’s losses to be at $ 49 billion between 2012 and 2016 on due to the collapse of oil production caused by political conflicts.

Al-Kabir said that government revenues have fallen to 4.6 billion dollars in 2016 from 53.2 billion dollars in 2012 because of the collapse of oil production since 2013. This decline was largely linked to the outbreak of armed conflicts caused by militias, the suspension of work in the oil installations, and the consequent sharp drop in global crude prices in 2014.

Despite the resumption of oil production in 2017 and the increase in financial revenues, the Libyan official expressed concern about the continuing uncertainty surrounding the security situation in Libya and fiscal policies, which remains an obstacle to the recovery of the economy.

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