Libyan Economy Minister expresses latest economic situation in local interview

Libya's Minister of Economy and Trade discussed the latest economic situation in the country in a local interview.

1 min read

Libyan Economy Minister Mohamed Al-Hawaij has made statements in an interview with a local television channel on the latest situation in the country’s economy.

In his interview, Al-Hawaij stated that the country needs $200 billion in reconstruction, based on a report prepared by the World Bank.

The Libyan Economy Minister added that they held numerous meetings with businesspeople from Turkey, Egypt, Italy, Algeria, Tunisia, and France regarding the country’s reconstruction process. Al-Hawaij expressed that they want to benefit from countries and companies with international experience in the rebuilding process.

Drawing attention to Libya’s partnership agreement with the US in the energy sector, al-Hwaij emphasized that oil production will be increased to 3 million barrels in the coming years.

As of 2011, Libya, which was dragged into a conflict after the overthrow of the Gaddafi regime, has serious infrastructure and energy supply problems throughout the nation. The Government of National Unity (GNU), led by Abdul Hamid Dbeibeh, has been trying to implement various plans and projects to overcome these problems since March 2021, when it officially took office.

Oil production embargoes imposed in the past years by warlord Khalifa Haftar, the leader of the eastern militias, have contributed to the serious damages seen in the Libyan economy.

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