By Libya Herald staff.
Tripol, 22 September 2014:
According to the Audit Bureau, Libya is facing a $13-billion deficit, due mainly to corruption . . .[restrict]within the bureaucracy.
Moreover, according to Audit Bureau head Khaled Ahmed Shakshak, “Libya is facing a big problem because of the closure of some of the oilfields during the last quarter.”
In a press conference on Saturday, Shakshak said that the Libyan state had revenues totalling LD 11 billion from January-August 2014, but had spent LD 27 billion in the same period, leaving a difference of LD 16 billion or $13 billion.
The deficit is the result of corruption and waste in spending, Shakshak said, and the country had to take extraordinary measures to preserve public monies, he added.
The Court of Audit and Administrative Control Authority has demanded that executive institutions and banks not transfer or exchange any money but what has been pre-determined for salaries or expenses that do not exceed LD 2,000 per transaction.
The Audit Bureau issued a 446 page annual report for 2013 back in March, rebuking the Zeidan government for poor governance, lack of transparency and poor management, and poor follow up and implementation across a wide range of sectors.
In March, the Audit Bureau reported a deficit of LD 10.8 “mainly due to the oil embargo”, but six months later, the deficit has only grown larger. [/restrict]