The country faces "fragmentation of state institutions" amid an ongoing conflict, which has disrupted oil revenue, the main driver of the economy, the World Bank said in its Libya Economic Monitor. “Libya faces enormous economic challenges and desperately needs unified institutions, good governance, strong political will and long overdue reforms,” said Jesko Hentschel, World Bank country director for the Maghreb and Malta. 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. Libya remains prone to disruptions to oil exports, according to the World Bank. Total fiscal revenue stood at 23bn dinars in 2020, about 40 per cent of total revenue earned in 2019, the World Bank said, citing Tripoli's finance ministry data.

Source: The North Africa Journal April 24, 2021 09:11 UTC