Sunday, June 22, 2025
LibyaReview
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
LibyaReview
No Result
View All Result
Home Libya

World Bank: Libya has Largest Foreign Reserves in Africa

May 18, 2022
Share on FacebookShare on Twitter

Libya has topped the list of African countries in terms of foreign reserves, for more than half a century, according to the World Bank (WB) statistics.

In its report, the World Bank stated that Libya ranked first with more than $84 billion dollars in foreign reserves, followed by South Africa, with $75 billion. Algeria came in third place, with $56 billion.

Jesko Hentschel, the Regional Director of the World Bank for the Maghreb and Malta, said that Libya “desperately needs unified institutions, good management, strong political will, and long-awaited reforms.”

A recent report issued by the Libyan Economic Monitor, affiliated with the World Bank, confirmed that the country’s economic performance for most of 2020 was the worst in recent years. This was due to issues in the oil sector, and the impact of the COVID-19 pandemic, resulting in further economic and social turmoil, and a decline in GDP.

Despite positive estimates for a 2021 recovery, the report warned that non-oil sector growth remained weak. The country suffered from the ongoing conflict, poor services, including in the energy sector, and the pandemic.

The bank added that the country needs “urgent investments in infrastructure, and improvements in the security conditions in large parts of the country.” These would improve public services and create conditions for a rapid recovery in the non-oil sector.

Notably, the International Monetary Fund (IMF) expected prices and inflation to continue to rise in Libya, and the Arab world during 2022.

According to the data of the World Economic Outlook released in April, Libya’s estimated inflation will reach 3.7% in 2022.

The report said that the Libyan economy will grow by the end of this year, at a rate ranging from 3.5 to 5.3%. It pointed out that Iraq will record the fastest economic growth in the Arab region, estimated at 9.5%.

  • Turkey, IMF and WB Accused of Interfering in Libyan Economy
  • UNICEF: Over Half A Million People in Libya at Risk Due to Explosive War Remnants
  • Libyan Oil Minister Remains Optimistic About Future
  • Spain Confirms Multi-field Projects in Libya
  • Italy: Libya to Increase Gas Exports by 30%
Tags: AfricaForeign Reserveslibyasouth africaWorld bank
Next Post

Libya to Resume Issuing Passports in Egypt

POPULAR CATEGORIES

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

MUST READ

Libya & Italy Sign Military Cooperation Plan

73% of Libyan Women Journalists Report Online Violence

Berlin Conference Reaffirms Support for Libyan-Led Political Process

Libya’s Interior Ministry Reports Armed Attack on Security Forces in Tripoli

Qatar Reaffirms Support for Libya’s Peace Process

Can Mass Protests Force Political Change in Libya?

EDITOR PICKS

Libya’s Haftar & British Envoy Discuss Political Developments

Libya’s Kufra Hosts 160,000 Sudanese Refugees

UN Reviews Development & Refugee Support Programs in Libya

Libya & Greece to Discuss Maritime Dispute in July

Libyan PM & Belgasem Haftar Inaugurate Derna Park

73% of Libyan Women Journalists Report Online Violence

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR

No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR