CBL reveals Libya’s 2017 state revenues and expenditures
According to the Libya Herald, the Central Bank of Libya (CBL) has released the latest figures for the Libyan economy covering the period from the start of 2017 up until the end of September. The figures continue to show a poor performance by the Libyan economy with state revenues failing to cover state-sector salaries:
Total state revenues for the first 9 months of 2017 were down by LD 6.5 billion from a projected LD 20.3 billion to just LD 13.8 billion. Oil revenues were down by LD 4.2 billion to LD 12.1 billion – from a projected LD 16.3 billion. Tax revenues were down LD 107 million from a projected LD 600 million to LD 493 million. Customs revenues were down LD 2.1 million from a projected LD 3.2 million to LD 1.1 bn. On the other hand, outgoings were also down by LD 7.6 billion from a projected spending budget of LD 28.2 down to LD 20.6 billion.
The CBL said that most of the LD 6.5 deficit was due to the failure of the National Oil Corporation to meet its oil production target of 1.2 million barrels per day due to security problems. These security problems have cost the Libyan state over LD 160 bn, the CBL reiterated. As a result of these very low state revenues, the CBL said that it has loaned the Government’s Ministry of Finance a total of around LD 70 bn from 2014 to 2017.
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