The Minister of Economy and Trade, Mohamed al-Hwaij, said that the value of expenditures from 2012 to 2021 amounted to about 358 billion dollars, while the country’s losses due to wars and oil closures amounted to 659 billion dollars, according to United Nations estimates.
Al-Hwaij added in a televised interview with Al-Jazeera Mubasher that the volume of lost opportunities on the Libyan economy during the same period is estimated at 791 billion dollars, indicating that the size of the domestic product deficit is estimated at 60 billion, pointing out that Libya needs 25 billion dollars annually for reconstruction.
Al-Hwaij said that the government aims to increase production to reach 3 million barrels annually, indicating that Libya has a reserve of 47 billion barrels.
The Minister of Economy explained that the value of the state’s frozen funds abroad amounted to $100 billion, most of which is in Europe, calling on the international community to contribute to stability by lifting the ban on frozen funds and opening international contacts.
In a related context, Al-Hwaij stressed that Parliament’s failure to adopt the budget caused confusion in terms of improving per capita income, noting that the ministry is working on diversifying the national economy and transforming it from an economy dependent on oil to agricultural and service activities, as well as working to secure food for the citizen.
