Instability from 2011 to 2020 cost Libya $1 trillion – Minister of Economy

Libya lost one trillion dollars due to the instability that engulfed the oil rich country from 2011 to 2020, Libyan Minister of Economy Mohamed Hwej has revealed.

Libya descended into chaos in 2011 following a NATO-backed revolution that ousted and murdered leader Muammar Gaddafi. Subsequent efforts to unify the country had failed due to rivalry between factions supported by foreign countries.

The North African country regained some frail stability early this year after the establishment of a unity government following months of UN-brokered dialogue between various delegates chosen from the country’s different tribes.

Speaking in an exclusive interview to Libyan satellite TV channel 218, Hwej indicated that oil losses amounted to 155 billion dollars, social, infrastructure and reconstruction costs amounted to 576 billion dollars, the cost of equipment 69 billion dollars, and human and material losses $200 billion.

Hwej also pointed out that Libya’s gross domestic product decreased from $90 to $40 billion, and the value of the dinar decreased from 1.40 to 4.48, recording a 320 percent drop, in addition to that, the unemployment rate increased by 20 percent.

The unity government led by Abdul Hamid Dbeibah is tasked with the organization of general elections on December 24.

As the country heads towards the polls, the economy minister notes, Egypt and Turkey top the list of friendly countries expected to contribute to Libya’s reconstruction.

According to the Libyan official, Egypt will contribute to the reconstruction and creation of infrastructure while Turkey will contribute to the transfer of technology to build services.