Libya's oil revenues unable to cover salaries for 2017Staff Writer | July 15, 2017
Libya's central bank predicted that this year's oil and gas revenues will not cover the salaries of government employees.
Africa The central bank:
However, this sum does not cover the salaries for the year 2017, estimated at 21 billion dinars (15.1 billion USD)," the bank stated.
The bank says it is cooperating with a number of government bodies and experts "to develop a comprehensive economic reform program for financial, trade and monetary policies," according to the statement.
Libya has been suffering a financial and economic crisis for years due to a reduction of oil revenues since the closure of major oil ports by armed militias.
The militias have now been expelled and current oil production has been increased to one million barrels per day since military commander Khalifa Haftar's forces took over the oil ports last year. ■