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FINANCIAL NEWS
Libya’s civil war to cost economy around USD35b
27 Oct 2011
(MENAFN) The International Monetary Fund said that the civil war that hit Libya this year would cost the country half of its 2010’s gross domestic product (GDP) of USD71.3 billion, reported Arab News.
The fund added that although the country’s GDP would be expected to drop sharply, however, Libya might not need any financial help from the IMF since it could rely on its huge international assets and its oil output.
It also said that the country’s economy would be expected to pick up quickly in case oil production in Libya started to rise to 700,000 barrels per day (bpd) by the end of 2011.
It is worth noting that during the political turmoil that swept the country, between USD160 billion and USD170 billion of Libyan assets were frozen globally and some of that amount started to reach the new government.
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