Libya:$5 billion loss as a result of UN sanctions

Libya's international cooperation and foreign relations committee has asserted that losses inflicted on its industry and mineral sectors have reached US $5 billion since UN sanctions were imposed on Libya in 1992.

In an official report, the committee said production lines came to a halt in many factories due to shortages in necessary raw materials, adding that production costs increased and several factories in Libya stopped production because of the difficulty to get letters of credit from foreign banks.

The report indicated that the Libyan companies were obliged to import needed supplies through a third partner, a matter which led to a 15% increase in commodity prices. A similar report published in February said the Libyan air transport sector has lost US $378 million as a result of the embargo.