Newsroom: Article

Emerging Market De(bt)velopments

The macroeconomic performance of Libya has continued to improve. Libya, as OPEC member and holder of the largest proven oil reserves in Africa, benefits significantly from the current high oil prices and increased interest of foreign investors.

The total external debt of Libya is about $4.5bn, which is about 10% of its gross domestic product (GDP). Libya does not have any commitments to the International Monetary Fund (IMF) or other multilateral institutions. However, it did default on its payment commitments to commercial and bilateral creditors in the 1980s and 1990s. Various ad hoc efforts have been made to deal with these continuing defaults, but significant amounts of defaulted trade-debt remain outstanding.

Holders of Libyan defaulted debt are invited to contact us as several workout solutions are available for such debts.

A. Thiescheffer on thiescheffer@omnibridgeway.com
H. Rijkens on rijkens@omnibridgeway.com

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