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As a result of the oil disaster, the current account stability has steadily decreased from a surplus of $529 million in 2013 to a projected $1 billion deficit in 2020. While reserves had been drawn down prior to now to finance the deficit, loans from the IMF and African Development Bank will provide as much as $600 million. The Economist Intelligence Unit reports that while the exterior deficit remained comparatively stable at an estimated $1.4 billion in 2020, debt service has climbed steadily to an estimated $430 million in 2020 (up from $332 million in 2017).
Despite these circumstances, Libya was transferring ahead on the path of defending and selling human rights. The report highlighted the serious challenges facing Libya, together with the political division, insecurity, the proliferation of weapons and the rising phenomenon of irregular migration and external intervention. LAMIA ABUSEDRA, Permanent Representative of Libya to the United Nations Office at Geneva, commended the progress made by the Independent Fact-finding Mission on Libya on its particular mandate. This commitment had been mirrored in lots of political, legal, and practical initiatives, most just lately by the Cabinet’s creation of a permanent national authority to coordinate the Government’s preparation of reports to human rights mechanisms.
