Tag Archives | Audit Bureau

Audit Bureau rejects GNA Budget

The Libyan Audit Bureau, the highest financial regulatory authority in the country, has rejected the 2019 budget announced by the Government of National Accord (GNA) last month. The Audit Bureau said the legislative authority represented by the Tobruk based House of Representatives did not approve the budget according to the law and “lacked financial or […]

LIA forms Committee to respond to Audit Bureau

Dr. Ali Mahmoud, Chairman and Executive Director of Tripoli’s Libyan Investment Authority (LIA), held a meeting on recently with department directors and senior management consultants to consider their response to the report of the Audit Bureau for 2017, regarding the observations about the LIA and its subsidiaries. A committee has been formed to coordinate with […]

Govt Spent $30bn on Fuel Subsidies

The Libyan Audit Bureau has stated that Libya has spent $30 billion in the last five years on fuel subsidies. The subsidies make Libyan fuel one of the cheapest in the world and helps fuel the illegal export of fuel abroad. The Bureau suggested that the subsidies, which have reduced since 2014 due to austerity […]

Will Libya Devalue its Dinar?

By Jason Pack for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Libya Business News. Nearly six years after the fall of Col. Moammar Gadhafi in 2011, the tally of political, social and security-related challenges facing Libya is considerable. International efforts to reconcile the deep political […]