Tag Archives | Budget

GNA introduces New Program of Public Financial Reforms

Libya’s Ministry of Finance announced a new Public Financial Reform Program on Tuesday in a major step to regulate and reform Libya’s public financial management systems. The announcement is the first step in a program of essential reform initiatives planned by the Ministry of Finance, part of its overall commitment to ensure fiscal prudence through […]

Libyan Finances Ahead of Plan for Jan-Aug Period

By John Lee. Libya's total revenues were 1.1 billion Libyan dinars ($800 million) ahead of budget for the first eight months of the year, according to a statement from the Central Bank of Libya (CBL) on Monday. Oil revenues were 2.6 billion dinars ahead at 20.2 billion dinars, with all other revenue sources being below […]

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 […]

Govt, Central Bank "Fail to Agree 2019 Budget"

By John Lee. The Government of National Accord (GNA) and the Central Bank of Libya (CBL) have reportedly failed to agree a national budget for 2019. A report from Reuters cites sources familiar with the talks as saying that due to a row over spending priorities, the wrangling could go on until March. The disagreement is […]

$31bn Budget for 2018

The public budget in Libya for 2018 has been set at around 42.5 billion Libyan dinar ($31 billion dollars at official bank rates). Oil revenue is expected to reach 22.5 billion dinars in 2018 while taxes and customs tariffs are expected to hit 2.5 billion. There is also an alleged 5.5 billion dinar surplus from […]

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, […]