World Bank reaffirms support for Libya and warns of weak economic growth.Pulbished on:
Washington, 28 April, 2022 (Lana) - Libyan Economic Monitor Report of the World Bank warned that Libya is facing enormous economic challenges, in light of continued disintegration of state institutions and social challenges, with the tense political situation.
In the report, the World Bank noted Libya's need for urgent investments in infrastructure, and social assistance for vulnerable groups, including a more effective and regular pandemic vaccination campaign.
Jesco Henschel, 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, noting that the performance of the local economy in 2020 was the worst in recent years.
In light of the problems in the oil sector, and Covid pandemic, the report warned that growth in non-oil sectors remained weak, hampered by the ongoing conflict and poor services.
The World Bank affirmed its commitment to support Libya through technical assistance and analytical services, in addition to financing trust funds and grants.