Home / Politics / Huge figures… How did Haftar blow the Libyan economy to feed his wars?

Huge figures… How did Haftar blow the Libyan economy to feed his wars?

Hifter continues to storm the Libyan economy with his reckless decisions that only serve its interests in financing his wars in order to reach power through the force of arms, turning a blind eye to the economic catastrophe that will affect all citizens due to this recklessness.

The Libyan economy, which started to recover gradually in the last two years, with no deficit recorded in the budget for 2018 and 2019, due to the increase in oil exports, and the start of the implementation of the economic reforms package that contributed to the recovery of the Libyan dinar and the provision of cash in banks.

55 million dollars daily losses

After the Libyan state incurred debts exceeding 35 billion and the illegal printing the currency – Hifter issued an order that would cost the Libyan state’s treasury a loss of 55 million dollars per day, and about one billion and 65 million dollars per month, which is the closure of ports and oil fields under its control.

Hifter’s decision forced the National Oil Corporation to declare a force majeure after stopping about 800,000 barrels per day, from the ports of Zouitina, Ras Lanuf, Brega, and Sidra.

Hifter’s debt is 50 billion

For his part, Khaled Amishri, head of the Supreme Council of the State, said that the public debt in the eastern region amounted to 50 billion, and that the Trade and Development Bank has exhausted all its funds from the depositors ’money, adding that the National and Commercial Banks are almost bankrupt and are on the verge of collapse.

Informed sources stated that the parallel government in Al Bayda headed by Abdullah Al Thani borrowed 35 billion Libyan dinars from commercial banks without Guarantees, which prompted the central bank in Tripoli to exclude 3 banks from the electronic banking system.

The sources believe that these huge figures were spent on financing Haftar’s militias with weapons, ammunition and logistic equipment.

9 billion for Hifter

And with the testimony of a witness from his people – the governor of the parallel Central Bank of Libya, in al-Bayda, Ali al-Habri, revealed that a third of the spending budget that the bank had approved in the past three years was given to Hifter.

Al Habri explained that Hifter received 43% of the 2016 budget, 27% of the 2017 budget, and 20% of the 2018 budget, and that the total of what he took in three years was nearly 9 billion.

Printing Currency in Russia

And because HIfter’s military approach always needs financing, the parallel central bank has orderes from Hifter to print the currency in Russia,10.8 billion Libyan dinars have obtained Russian customs approval during the past three years, according to Reuters, and the Maltese authorities confiscated two containers of the Libyan currency that were heading For the eastern region.

Economists say that printing a currency without adequate coverage will lead to one basic result: high prices, the Libyan dinar inflation and its collapse.

Experts add that people losing confidence in the currency will push them to get rid of what they have and buy foreign currency, and this will in turn lead to a further decrease in its value until the economic collapse occurs.

Observers believe that the Libyan economy has started to witness moments of recovery recently due to the package of economic reforms approved by the Presidential Council, the Supreme Council of the State and the Central Bank in Tripoli, but this dangerous reckless behavior by Hifter and its militias with the country’s assets without any concern for the interest of the state and citizens, through printing the forged currency and stopping oil exports It increases fears of an imminent collapse of all that has been restored over the past two years.

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