WB forecasts harsh economic conditions for Libya

WB forecasts harsh economic conditions for Libya

April 28, 2022 - 14:21
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Written By: SafaAlharathy

Libya urgently needs unified institutions, good governance, strong political will, and long-awaited reforms, says the World Bank's regional director for the Maghreb and Malta, Jesco Henschel.

A report issued by the Libyan Economic Observatory, affiliated with the WB Tuesday, recommended that the country needs urgent investments in infrastructure and social assistance for vulnerable groups, including more effective and regular coronavirus vaccination campaigns.

The report forecasts economic challenges for Libya in light of its fragile institutions, social challenges, and tense political situation.

"The country's economic performance in 2020 was the worst in recent years, in light of problems in the oil sector and the coronavirus pandemic."

The WB update cautioned that growth in non-oil sectors remained weak, hampered by the ongoing conflict and poor services.

The bank affirmed its commitment to support Libya through technical assistance and analytical services, in addition to financing trust funds and grants.