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, and customs duties 58 percent down.

According to News24, the Central Bank of Libya (CBL) has given the finance ministry a loan of 4.8 billion dinars ($3.4 billion) to help plug the gap, which "has of yet not been explained in full".

(Sources: Alaraby, Libya Herald)

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