A compromise would help the Tripoli government improve oil and gas infrastructure and build stability, he said. In a statement the US state department said the ministers “called upon all Libyan economic institutions to work together”. Four-fifths of Libyan government revenues come from oil, but the distribution of any oil revenues is hampered by the existence of two rival central banks, one in the east and the other in the west. For months, the last Libyan elected parliament, sitting in rump form in Tobruk, has failed to endorse Sarraj’s cabinet appointments. It said: “With oil production just a fifth of potential, revenues have plummeted, pushing fiscal and current account deficits to record highs.

Source: Libya Today October 31, 2016 19:37 UTC