Boumtari: Oil blockade losses amount to 130 billion USD

Boumtari: Oil blockade losses amount to 130 billion USD

October 22, 2020 - 14:40
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Written By: SafaAlharathy

Minister of Finance Faraj Boumatari has said that oil blockades over the past years have caused the country $ 130 billion in lost revenues.

Talking to Al-Jazeera, Boumtari added that the GNA does not have accurate data on military spending in the eastern region, nor the disbursement mechanism and classifications.

He pointed out to a proposal made by his ministry to establish a fund for reconstruction and reparation as a result of previous wars, referring to his attempts to create self-resources for this fund to cover its needs.

When asked about the Libyan-Turkish relations, he described the relationship between the two countries as unique noting, that most of the recently signed projects with the Turks are related to electricity projects.

"Turkish companies have proven their worth in Turkey and abroad, to implement the largest projects, so we have been trying over the past period to attract Turkish firms and benefit from their experiences in implementing projects for the state's electricity company as a priority," Boumtari said.

He indicated that their focus would be to complete the projects signed between the years (2007-2010), which he estimated to be around 160 billion Libyan dinars, with a Turkish share of about 20 billion dinars.