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World Bank ready to help Libya

In World News on August 24, 2011 at 7:17 pm

By Enda Curran

As rebels entered the center of Tripoli in what could be their final battle with the regime of Col. Moammar Gadhafi, a senior World Bank official said the bank is ready to offer a new regime financial support if asked.

Sri Mulyani Indrawati, one of three managing directors at the World Bank, told Dow Jones Newswires on Monday that it will use its vast experience in post-conflict rebuilding “to deal with Libya when the situation is right and when it is demanded by the people there.”

An uprising that began in February has reached the center of the capital Tripoli after months of fighting and air strikes by the North Atlantic Treaty Organization, signaling that the government of Col. Gadhafi could be on the brink of collapse. A rebel victory would likely put added downward pressure on oil prices, which are already falling amid concerns about the slowing global economy.

“The World Bank will stand ready in supporting the people in Libya,” said Ms. Sri Mulyani.

In 2010, the country, which has the largest proven oil reserves in Africa, produced 1.8 million barrels a day of crude oil and other petroleum products, according to the U.S. government. As recently as 2009, it exported 1.5 million barrels a day, ranking it 12th in the world, according to the U.S.

“It will create more stability on the price, but whether that means it will be lower than the past six months remains to be seen,” said said Ms. Sri Mulyani. The onset of fighting helped drive oil…

Full article…

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