Libya's UN-backed government on Wednesday approved an economic reform program aimed to revive the country's suffering economy.

The reform package was adopted during a meeting attended by Prime Minister Fayez Serraj and senior officials from the Higher Council of State and the Central Bank of Libya.

According to the prime minister's information office, the package includes changing the local currency's exchange rate against foreign currencies by imposing fees on foreign currency purchases and addressing government subsidization of fuel.

Libya's economy has suffered from lack of liquidity in banks and dramatic drop in the exchange rate of the local currency against foreign currencies.

Following the 2011 uprising that toppled former leader Gaddafi's regime, Libya has been suffering economic crisis with decrease of oil revenues, the country's main source of income, due to closure of oilfields and ports by armed conflict.