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Guterres Reports Libya Oil Revenue and Fiscal Challenges
The United Nations report led by António Guterres highlights the Libyan economy's suffering due to structural weaknesses, as it is heavily dependent on oil and gas revenues despite high levels of public spending. The country has seen oil revenues rise to approximately $3.5 billion per month since April, up from $1.34 billion in the first quarter, following the signing of an agreement to regain control of Ras Lanouf refinery. However, it faces crises in fuel and electricity supplies due to smuggling of subsidies and lack of infrastructure. At the same time, the fiscal deficit has increased to 30% of GDP, and public debt has reached 146%. Inflation has also led to a decline in purchasing power. The country continues to experience disruptions in fuel and electricity supplies, resulting in protests and public complaints over outages.
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