RIYADH: More than $110 billion will be spent by the Libyan government over the next ten years to reconstruct the country after the recent civil war, according to a leading official.

Salama Al-Ghwail, the Libyan minister of economic affairs, has revealed that LYD500 billion ($111 billion) is set to be invested in the next decade, at an average of LYD50 billion a year.

The main sources of funding will be the Libyan government and development partners from international institutions, as well as the private sector, he said during an interview with Asharq.

"We cooperate with neighboring countries in the reconstruction file," Al-Ghwail said.

He confirmed the Libyan government is in negotiations with the International Monetary Fund, but these talks are focusing on technical and financing assistance, not securing any money from the body.

Libya has the largest reserves of oil in Africa, but the turmoil which has gripped the country in recent years contributed to fluctuations in the daily production level of crude.

The country needs to invest $1.1 billion to increase oil production to fulfil the government plan of hitting 2 million bpd, Libyan finance minister Khaled Al Mabrouk told Arab News earlier this month.

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