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Dwindling oil production and low prices have slashed Libya’s export revenue and foreign reserves. But the main focus of the ‘official’ Baida-based government remains the expansion of its power base by setting up parallel institutions.
Libya foreign exchange reserves plunged by a quarter in 2014. Without an upturn in oil earnings the country could run out of reserves in two years, according to a report by the Libyan Audit Bureau (LAB). And if oil production fails to increase in the coming months, even this could be optimistic, according to MEES estimates.
The US and several European countries have meanwhile issued a statement expressing concern that the politicization of key state institutions, including the Central Bank of Libya (CBL) and the National Oil Corporation (NOC) could further disrupt Libya’s already shattered economy.
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