RIYADH: Libya needs to increase its oil production by 40 percent to about 1.8 million barrels per day from 2022 to cover its expenditures and implement economic reforms, says the country’s central bank governor.
Libya, with the largest oil reserves in Africa, pumps about 1.3 million barrels of crude per day.
In an interview with Bloomberg, Central Bank of Libya Gov. Saddek El Kaber said oil is the country’s only source of income and increased production would ensure $35 billion in revenue next year.
He said the funds will help the war-torn country in carrying out development and reconstruction plans.
Libya’s oil revenues are expected to reach $25 billion in 2021 compared to $3.6 billion in 2020 revenues.
El Kaber said that despite the gross domestic debt reaching 270 percent, it is unlikely to resort to external borrowing in the short and medium terms.
He also said Libya’s gold reserves are estimated at 116.6 tons, and the central bank is working on a plan to ensure that lenders continue to provide liquidity on a daily basis with a high withdrawal ceiling.