TRIPOLI, June 12 (Reuters) – Libya’s government urged the
central bank on Thursday to release a special
multi-billion-dollar reserve fund accumulated from past oil
sales to help offset a precipitous loss of crude revenues that
has crippled state finances.
In a statement, the central bank said only that it may ask
the Supreme Court to clarify the rules under which it is legally
obliged to release funds.
TRIPOLI, June 11 (Reuters) – Libya’s government, suffering
from dwindling oil revenues, will allow its ministries to begin
spending the $50 billion budget it submitted to parliament at
the start of the year, even though lawmakers have not voted on
The move might force the central bank to use more of its
reserves as the budget is not backed up by oil revenues which
have fallen to $1 billion a month, a quarter of what Libya used
to make in the past.
TRIPOLI (Reuters) – Libya’s Supreme Court ruled on Monday that parliament’s election of Prime Minister Ahmed Maiteeq a month ago was unconstitutional, a ruling that could reduce volatile political tensions in the major OPEC member state.
It also raised hope that some oil ports occupied for 10 months by rebels in Libya’s east will reopen. In April, rebels signed an accord with the government of Maiteeq’s predecessor to unblock the vital Mediterranean ports but its implementation stalled when they refused to deal with Maiteeq, a businessman.
TRIPOLI (Reuters) – Libya has lost $30 billion due to 10 months of protests at oilfields and export terminals but has sufficient foreign currency reserves to keep the country running, a central bank official said.
A wave of protests at oil facilities has reduced the North African country’s oil output to less than 200,000 barrels a day down from 1.4 million bpd in July before the strikes started.
TRIPOLI (Reuters) – Libya’s currency is under heavy pressure as a breakdown in security and a collapse of oil revenues due to port blockades have badly disrupted public finances and an economy already burdened by exploding state salary and subsidy bills.
Over the past two months, the dinar has fallen more than seven percent against the dollar on the black market, its first weakness since rebels demanding autonomy for eastern Libya seized oil export facilities 10 months ago.
TADRART ACACUS Libya (Reuters) – Vandals have destroyed prehistoric rock art in lawless southern Libya, endangering a sprawling tableau of paintings and carvings classified by UNESCO as of “outstanding universal value”.
Located along Libya’s southwestern tip bordering Algeria, the Tadrart Acacus mountain massif is famous for thousands of cave paintings and carvings going back up to 14,000 years.
TRIPOLI, May 26 (Reuters) – The leader of the protesters
occupying Libyan oil ports said on Monday he did not recognise
Prime Minister Ahmed Maiteeq’s new government and suggested a
previously agreed deal to end his blockade could be in jeopardy.
Ibrahim Jathran, who wants more autonomy from Tripoli for
his eastern region, had agreed with Maiteeq’s predecessor to
steadily end the protests, which have cut the OPEC member
country’s oil exports after the ports fell under his control
TRIPOLI (Reuters) – Libya’s new premier said on Monday his cabinet will focus on fighting militants, securing borders and building up armed forces with foreign help, and appealed to hardliners who want his government removed.
Libya is caught up in what the European Union has called its worst crisis since the 2011 civil war that ousted Muammar Gaddafi and pitched the North African country into almost constant state of upheaval and violence.
TRIPOLI (Reuters) – A renegade former Libyan general says the country’s new prime minister is not capable of restoring stability in the major oil producer and has called for a postponement of parliamentary elections planned for June.
Khalifa Haftar launched a campaign more than a week ago to rid Libya of what he calls “terrorists” and Islamist extremists, who are especially active in the oil-rich east.
TRIPOLI (Reuters) – Libyan civil servant Mohamed Ali has put on his business card a picture of the only man he thinks can save his country from falling apart – Egypt’s new strongman Abdel Fattah al-Sisi.
Libya is preparing for elections next month, but many Libyans have long given up on their own parties paralyzed by political infighting three years after the revolution and civil war that brought down Muammar Gaddafi.