Major economic steps by new Libya leaders unlikely

[November 10, 2011]  TRIPOLI, Libya (AP) -- Libya's outgoing finance minister says the transitional government running the country the next eight months will not make major economic decisions, including awarding new oil concessions.

Ali Tarhouni says such decisions will be left to an elected government.

He has said in a Thursday press conference that oil output has reached 570,000 barrels a day, compared to the pre-war level of 1.6 million barrels. He says production could reach 700,000 barrels daily by year's end. He says natural gas exports will resume "any day now."

Tarhouni says Libya will likely try to decrease its dependence on oil revenue in a major shift in thinking. He says tourism and financial services are hoped-for future sources of revenue.

[Associated Press]

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