LONDON, Jan 25 — A blockade of major Libyan oil ports is damaging the economy and must be quickly resolved, the Tripoli-based central bank governor told Reuters yesterday, adding that Libya could run a budget deficit in 2020 as a result. “Now oil represents 93-95 per cent of total revenue and...
Previously, oil production was 1.2 million barrels a day. — Reuters pic
“Now oil represents 93-95 per cent of total revenue and covers 70 per cent of total spending. This is a bullet in the head, that will hurt Libya and the Libyan people,” Sadiq al-Kabir said in an interview in London. “We really hope the crisis is resolved as fast as possible because it hurts everyone.”
“We rejected that and asked them to trim spending,” he said, adding that a deficit was still possible due to the oil blockade. Kabir has been challenged by eastern officials, which have set up their own government and central bank branch selling bonds outside the official financial system to raise funds.Eastern officials complain they do not benefit from oil revenues, accusations rejected by Tripoli officials as the Tripoli-based central bank funds some public salaries and fuel supplies to the east.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump's parting gifts, the Piano Man, Greta meets a prince — Davos Wednesday highlights | Malay MailDAVOS, Jan 23 — The annual meeting of the World Economic Forum (WEF) rolled on into yesterday in the Swiss ski resort of Davos. Here are the highlights from Day 2: Trmp's farewell to Thunberg A day after dismissing climate activists as “prophets of doom,” US president Donald Trump said he...
Read more »
Lakers bounce back with victory over Knicks | Malay MailNEW YORK, Jan 23 — LeBron James started hot and Anthony Davis found his groove yesterday as the Los Angeles Lakers bounced back from an embarrassing loss to the Boston Celtics with a 100-92 win over the Knicks in New York. James scored 19 of his 21 points in the first half and Davis scored 17 of...
Read more »
Pogba’s agent hints at potential Manchester United exit | Malay MailLONDON, Jan 23 — Paul Pogba’s agent Mino Raiola has hinted the Manchester United star could leave Old Trafford if he is unhappy at the end of the season. Pogba has made just eight appearances for United during the current campaign after battling a nagging ankle injury and rumours have swirled...
Read more »
World leaders gather in Jerusalem for Auschwitz forum, without Poland | Malay MailJERUSALEM, Jan 23 — Dozens of world leaders will convene in Jerusalem today to mark the 75th anniversary of the liberation of the Auschwitz concentration camp, amid a backdrop of rising anti-Semitism in Europe and the United States. However, Poland's president will stay away due to rankling...
Read more »
ECB on the spot over economic risks and strategy rethink | Malay MailFRANKFURT, Jan 23 ― With policy locked in easy-money mode, European Central Bank (ECB) watchers will look today for hints about its strategic review and an updated assessment of risks facing the eurozone economy. President Christine Lagarde will “be able to enjoy her honeymoon period without...
Read more »
Health Ministry says patient in Sabah tested negative for coronavirus | Malay MailKUALA LUMPUR, 24 Jan — The Ministry of Health (MOH) has confirmed that tests conducted on a suspected coronavirus (2019-nCoV) patient who is being treated at an isolation ward in a hospital in Sabah found the person to be negative for the virus. Health director-general Datuk Dr Noor Hisham...
Read more »