November 2010
Background Notes on Countries of the World: Libya;11/17/2010, p6
Country Report
The article presents information on the economy of Libya. The government of Colonel Mu'ammar Qadhafi dominates the country's socialist-oriented economy through complete control of oil resources. Libya abandoned several economic reform projects and revised the budget in response to the drop in oil prices from peaks in late 2008. The ending of U.S. economic sanctions on September 20, 2004 has resulted in plans to increase foreign investments in the oil and gas sectors.


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