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Libya entered its revolutionary year of 2011 with a budget surplus of LD7bn ($5.5bn), a sky-high LD23.7bn spent on development and a healthy 1.5mn b/d of crude output.
Fast forward eight years and the country is in a state of turmoil. It has a government barely in control of its capital city, its largest oil field is shut-in due to security breaches and houses a populace struggling to get-by with years of uncontrollable inflation.
Although Libya ostensibly more than halved its budget deficit to 4.6bn LD ($3.4bn at the official exchange rate of $1=LD 1.36) in 2018, this can hardly be attributed to the internationally recognized Tripoli-government’s performance. (CONTINUED - 999 WORDS)
DATA INSIDE THIS ARTICLE
|table||Libya Public Finances (Ld Bn): Deficit At Six-Year Low In 2018 As Oil Revenues Leap 76%*|
|chart||Libya's Rollercoaster Swings In Output Have Played Havoc With The Country's Finances|