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Governor of Libya’s Central Bank expects huge budget deficit resulting from oil ports’ blockade

The Governor of the Libyan Central Bank Al-Sadiq Al-Kabir has stated that the blockade on the oil ports in Libya is damaging the national economy.

Al-Kabir told Reuters on Friday that Libya could run a budget deficit in 2020 as a result of the blockade on the main oil ports and fields in the country.

He also said that oil now represents 93-95% of total revenue and covers 70% of total spending in the country.

“We really hope the crisis is resolved as fast as possible because it hurts everyone.” He indicated.

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