Libya fiscal deficit decreases by 48 pct

Added On January 8, 2018

Central Bank of Libya has announced that the country's fiscal deficit has decreased by 48 percent during 2017.
The bank said the decrease was "thanks to the efforts of the Presidential Council of the Government of National Accord."
The bank also said the value of the country's foreign exchange expenditures in 2017 amounted to 15 billion dollars. 
Following the 2011 uprising that toppled former leader Muammar Gaddafi's government, Libya has been suffering economic crisis with a sharp decrease of oil revenues, the country's main source of income.
Lots of oil fields and ports have been closed due to armed conflicts.
Because of this,the country has suffered losses of more than 140 billion dollars.
Libya has also suffered political division between eastern and western authorities, including the Central Bank.