Current oil prices will boost Libyan economy, says official

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Current oil prices will boost Libyan economy, says official

October 21, 2018 - 14:35
Written by: SafaAlharathy

Member of the Board of Directors of the Central Bank of Libya (CBL), "Imrajaa Ghaith said that high oil prices will have a positive impact on any economic reform program in Libya.

Ghaith explained that instead of the consumption of foreign exchange reserves as was the case in the previous period, the increasing oil revenues will be used to meet public spending.

He pointed out that the rise in oil prices is accompanied by the increase in Libya's production, noting that the general budget depends on 95% of the oil sales.