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The 2014 budget – sources of revenue

bySami Zaptia
May 10, 2014
Reading Time: 3 mins read
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By Sami Zaptia.

libyan new dinar note SAM_1538

Amman Jordan, 10 May 2014:

The 2014 . . .[restrict]budget, approved by the GNC Committee last week and expected to be approved by the whole GNC Sunday, totalled LD 58.92 bn compared to an LD 66.86 bn budget in 2013 .

Back in March the GNC had revealed it was considering a LD 68.59 bn budget . However, the departure of the Prime Minister who had proposed that budget, Ali Zeidan, and the economic and political reality of Libya’s stunted oil revenues, has meant that the GNC has had to scale down the 2014 budget. Libya has also got a caretaker Prime Minister in situ as it awaits the GNC to choose a new Prime Minister. The process of choosing Ahmed Maetig is likely to be legally contested.

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LD billions

2013 budget

2014 budget

Chapter – 1wages

20.78

18.73

Chapter – 2expenses

10.77

9.04

Chapter – 3Development

19.30

14.00

Chapter – 4subsidies

10.60

13.10

Reserves &   Contingencies

5.40

4.05

Total:

66.86

58.92

 The GNC has had to scale down its 2014 budget due to disrupted oil exports in 2013

The 2014 budget is based on an anticipated revenue of LD 49.26 made up of LD 4.51 non-hydrocarbon revenues, LD 34.70 hydrocarbon revenues, an LD 2.55 bn loan from the Central Bank of Libya (CBL) and LD 7.50 bn carried over from the 2013 budget that the Ali Zeidan government had not spent.

 

2014 budget revenues   total LD 49.26 bn Source

4.51

Non-hydro-carbon   revenues

34.70

Hydrocarbon revenues

2.55

CBL loan

7.50

Carried forward from   2013 budget

T

hese revenues leave a deficit of about LD 10 bn, the head of the Finance and Budget Committee confirmed. He did not identify any anticipated cuts in the 2014 budget to make up this anticipated deficit, however, he hoped that this deficit would be made up by either “rationalizations” in spending or by “increased oil revenues”.

In reality, if this deficit is not made up during the year from rationalizations or increased oil revenues, it would most probably be made up through a loan from the CBL, which is sitting on a considerable pool of cash.

  [/restrict]

 
Tags: budgetCBLdeficitfeaturedloanoilrationalization
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