São Paulo – The Libyan Central Bank has paid off its debts to Qatar and Turkey, the markets director Misbah Al-Akari has said this week. According to the executive, US$ 100 million have been paid to Qatar and US$ 200 million to Turkey. The information was released by the African news agency Panapress.
The debts concern loans made while Libya was exiting the crisis, when the country was governed by a Transitional Council. Al-Akari said the loan from Qatar was repaid interest-free. It was granted by the Qatar International Bank. The debt with Turkey was repaid with interest, according to the director.
Since the Arab Spring, which led to the downfall of dictator Muammar Gaddafi and a change of government, Libya has received aid from several countries, in cash and cooperation. The country is also receiving political advisory from the International Monetary Fund (IMF).
Presently, protests are still taking place in Libya, especially from workers; this has detracted from the country’s oil production and therefore its economic recovery. An IMF communiqué in November stated that conflicts in Syria raise concerns of contagion to the region, especially to countries which are in the process of stabilizing themselves, such as Libya, Egypt and Tunisia.
The Libyan economy is structured around oil. The commodity accounts for 95% of the country’s export revenues and 80% of the Gross Domestic Product (GDP). As a result, and due to the fact that it has small population – around 6 million –, Libya boasts one of the highest per capita GDPs in Africa.
*Translated by Gabriel Pomerancblum
