Libya managed to reduce its budget deficit in 2017 thanks to a sharp rise in oil revenues totaling $14 billion, the Libyan Central Bank said. The exponential increase in oil revenues up from $4.8 billion in 2016 is still much below the $50 billion registered in Libya before the fall of Gaddafi’s rule. The Central bank also showed that the deficit decreased by 48% in comparison to 2016. The country has suffered losses of more than $140 billion after years of closure of oil fields and ports. The backbone of the North African country’s economy, the oil sector, collapsed in the wake of the 2011 uprising.

Source: The North Africa Journal January 06, 2018 13:41 UTC