The Governor of the Central Bank of Libya, Seddiq Al-Kabeer, said today, Thursday, that Libya’s production of crude oil must be at least 1.4 million barrels per day if we want to transform the Libyan economy.
Al-Kabeer stressed that the Central Bank supports the government’s efforts to increase production in solidarity with the international community and to fill the shortage in energy supplies resulting from the Russian-Ukrainian war.
He added that the National Oil Corporation received about $1.7 billion this year for unspecified development projects, noting that increasing oil income will allow Libya to expand development and infrastructure projects, stimulate the private sector and diversify the economy and sources of income.
The Governor of the Central Bank of Libya revealed that the current Libyan public debt is unchanged at about 155 billion dinars, pointing out that there are some Libyans calling for policies to strengthen the dinar against the US dollar and reduce import prices, as the prevailing political and economic conditions make it difficult for the Central Bank to reconsider the exchange rate, especially in light of threats to stop oil production and export.