By Libya Herald reporters.
Tunis, 7 August 2017:
Plans to increase Libyan oil production, the costs involved and the financial returns were discussed this morning at a key meeting at the Central Bank of Libya (CBL) in Tripoli. Attending were Presidency Council (PC) head Faiez Serraj, deputy PC head Ahmed Maetig, CBL governor Saddek Elkaber, National Oil Corporation (NOC) chairman Mustafa Sanala, PC foreign minister Mohamed Siala and the PC’s head of the Libyan Investment Authority, Ali Mahmoud.
As well as examining the costs of increasing oil production capacity, the meeting looked at how this would impact on the national revenue stream and thus address the country’s current economic woes, specifically the liquidity problem, the need to support the dinar and the completion of stalled projects.
The meeting comes just three days after Elkabir and Maetig, along with the PC’s Fathi Majbri, who has oversight of the economy, and PC economy minister Naser Fadelallah Aoun met officials from the IMF to discuss ways to reactivate the stalled economy and the reforms needed. The latter include reducing subsidies on fuel and commodities, and cutting the number of people on the state employment roll.
The meeting, organised by the US, took place in Tunis and was also attended by the governor of the Beida-backed CBL, Ali Hibri.
