Foreign Reserves "Entirely Depleted" in 2 yrs

A former Libyan Minister for Health has said that the country's foreign reserves will be entirely depleted in two years.

Dr Fatima Hamroush (pictured) told Businessweek that giveaways to individuals and militias from Libyan state coffers during her time in office from November 2011 to August 2012 amounted to $20 billion.

In addition, the government currently pays a total of about $6 billion every month as salaries to 40 percent of the adult population in order to buy loyalty.

While at one time this was considered affordable, the drop in oil revenues and the increase in the number of salaries has led the government to dip into foreign reserves.

(Source: Businessweek)

(Picture Credit: Sarurah)

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