We use cookies to provide some features and experiences in QOSHE

More information  .  Close
Aa Aa Aa
- A +

The Anniversary of Gaddafi’s Death and the Current Reality in Libya

18 0 1
26.10.2020

“Security problems, political discord, oil blockades, corruption, and Libya’s foreign debt, which has reached 270% of its GDP, all torpedo economic life,” said Central Bank of Libya governor Sadiq al-Kabir. Oil revenues in Libya have plummeted, from $53 billion in 2012 to near zero this year, he added.

These words, spoken on the eve of another anniversary of the assassination of Libyan leader M. Gaddafi on October 20, 2011, do in fact serve to illustrate what the country has come to over the past nine years of its history, since the collapse of the previous regime.

Having come to rule with massive outside support from NATO, the new forces, although they inherited huge financial reserves and the potential following the era of the previous leader, became dependent on the various militias that brought them to power. Along with that, these “brothers-in-arms” soon turned into implacable enemies. The country fell into an abyss of civil strife and, since the summer of 2014, has been divided into two military and political camps, with one pole of power in Tripoli and the other in Tobruk. Because of this turmoil, Libya’s development has come to a standstill, and GDP is dropping. In comparison with previous times, it has slid backwards in many respects.

The oil sector has become hostage to conflicts in society, a source of funding for diverse groups that act in opposition to national........

© New Eastern Outlook


Get it on Google Play