ANSD : Libyan central bank chief says oil blockade must be lifted

FRI 26 - 4 - 2024

Date: Jan 25, 2020
Source: The Daily Star

Libyan central bank chief says oil blockade must be lifted

_Reuters
LONDON: A blockade of major Libyan oil ports is damaging the economy and must be quickly resolved, the Tripoli-based central bank governor said Friday, adding that Libya could run a budget deficit in 2020 as a result.

"Now oil represents 93-95% of total revenue and covers 70% of total spending. This is a bullet in the head, that will hurt Libya and the Libyan people," Sadiq Al-Kabir said in an interview in London. "We really hope the crisis is resolved as fast as possible because it hurts everyone."

Libya's internationally recognised prime minister Fayez al-Serraj has warned of catastrophe if the week-long blockade by eastern-based commander Khalifa Haftar's forces, which has cut oil output to almost zero, is not lifted.

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