Governor of Libya's Central Bank warns of budget deficit following blockage on oil ports

Governor of Libya's Central Bank warns of budget deficit following blockage on oil ports

January 25, 2020 - 14:28
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Written By: AbdulkaderAssad

The Governor of the Libyan Central Bank Al-Sadiq Al-Kabeer warned Friday that the blockade on the oil ports in Libya was damaging the national economy, saying Libya could run a budget deficit in 2020 as a result of the blockade.

"This is a bullet in the head, that will hurt Libya and the Libyan people,” Al-Kabeer said in an interview with Reuters.

He also said that oil now represents 93-95% of total revenue and covers 70% of total spending in the country.

“We really hope the crisis is resolved as fast as possible because it hurts everyone.” Al-Kabeer indicated.

Meanwhile, NOC Chief Mustafa Sanallah told The Financial Times earlier that Libya's oil output could hit the lowest since 2011 due to the blockade.