Tag Archives | Budget

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 […]

Big drop in Libyan Oil Revenues

By John Lee. New statistics show oil revenues of only 3.03 billion dinars ($2.2 billion) for the first quarter of 2017, down 43 percent from the expected 5.42 billion ($3.87 billion). Overall, the Ministry of Finance of the Government of National Accord (GNA) says state revenues were down 30 percent, with tax 23 percent below plan, […]

Cental Bank Allocates $3.4bn to GNA

By Adam Nathan. The Central Bank of Libya (CBL) has deposited LD 4.8 billion ($3.4 billion) to the Presidency Council / Government of National Accord (GNA) to cover the budget (‘Temporary Financial Arrangement’) for the first quarter of the year. While LD 3.5 billion of this is to be used to pay state salaries, Economics […]

GNA, CBL agree “Temporary Financial Arrangements”

By John Lee. Libya’s UN-backed Government of National Accord (GNA) and the Central Bank of Libya (CBL) in Tripoli say they have agreed to work together to tackle urgent economic problems in 2017. The CBL has thus far been reluctant to release public funding until the GNA is endorsed by Libya’s eastern-based parliament, the House […]

Foreign Reserves Fall Sharply

The Tripoli-based Libyan Audit Bureau (LAB) has said that the Central Bank’s foreign reserves fell from $105.9 billion at the start of 2014 to just $76.6 billion at the end of the year. In its report for 2014, the LAB warns that the dramatic fall in oil revenues, combined with continued spending, could mean that […]

World Bank Warns on Libya Finances

A report published on Thursday by the World Bank focuses on the implications of low oil prices for eight developing countries — Egypt, Tunisia, Lebanon, Jordan, Iran, Iraq, Yemen and Libya — and the economies of the GCC (Gulf Cooperation Council). The Plunging Oil Prices report raises serious concerns about Libya’s ability to fund its […]

Dramatic Measures to Plug Budget Deficit

The Central Bank of Libya has proposed cutting the country’s diplomatic missions abroad and halting foreign scholarships and other state allowances. The move is part of a plan to cut the budget deficit, estimated at 25.2 Libyan dinars ($20.9 billion) last year. A combination of lower oil exports, caused by the continuing conflict in the […]