Tag Archives | Budget Deficit

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, […]

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 […]

Bankruptcy Looms over Libya

A joint statemen issued by Britain, France, Germany, Italy, Spain and the United States has warned that Libya could face bankruptcy if its oil output, and international price of oil, continue to fall: “We remain deeply concerned about the economic impact of the political and security crisis on Libya’s future prosperity. "In light of low […]

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 […]