World Bank says Libya must cut public spending or make special adjustments

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World Bank says Libya must cut public spending or make special adjustments

May 03, 2018 - 13:29
Written by: HousamNajjair

The World Bank warned Libya of the possibility of exhausting its foreign exchange reserves or having to make special amendments to avoid a crisis if public spending continues at its current rate.

The bank said in its economic growth forecast for this year that with this high inflation rate, poverty and social and economic exclusion have increased.

The bank also expects the local economy to recover to 15% this year and to reach an average of 7.6 per cent for the next two years so that the public budget should see a surplus from the year 2020 onward.