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“The Libyan people have gone through so many tribulations. The security and political environments have seen signs of improvement lately. The road ahead will not be smooth, but it provides hope for peace, stability, and development, he added. The North African country relies on hydrocarbons export for over 60 per cent of aggregate economic output and over 90 per cent of both fiscal revenue and merchandise exports. However, a nearly-year long blockade of Libya s exports curtailed development of its economy during a particularly challenging year due to the Covid-19 pandemic. The Washington-based lender described the blockade as debilitating for Libya s acutely undiversified economy , whose performance last year was the worst in recent record .

World bankDistrict of columbiaUnited statesJesko hentschelLouise dicksonCentral bankWork bankRystad energyLibya national oil corporationNorth africaLibya economicNorth africanNational oil corporationHariga portJennifer gnanaMiddle east and north africa