Libya’s central bank reserves are predicted to fall by about 20 per cent this year because of a blockade on energy exports in the east of the country that has slashed revenues, the audit bureau said.

Annual oil revenues are expected to fall to $5 billion from $31 billion last year, dragging the central bank reserves down to $50 billion, it said.

Oil exports were shut down by protesters allegedly with the backing of armed groups in January. Global oil prices have also crashed as the coronavirus pandemic hits demand, with no prospect of a quick recovery in sight.

The fiscal deficit is forecast to reach $19 billion this year compared to a surplus of $7.82 billion in 2019, the Tripoli-based audit bureau said in a video posted on Facebook on Friday.