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. (CONTINUED - 2125 WORDS)