By Ali Salem.
Tripoli, 23 December 2014:
To address the looming financial crises, the Central Bank of Libya (CBL) has advised the use . . .[restrict]of National ID Numbers for salary disbursements. It is key in addressing the growing national deficit, it says.
The Libyan government is notorious for inadequate record-keeping, allowing some government-paid employees to collect two and sometimes three salaries for one position. While only four years ago, the state’s wages bill was only LD 8 billion in 2010, next year it has budgeted for LD 24 billion.
The Financial and Economic Consultative Committee, which was set up by the CBL to find solutions to the impending financial crisis, has also advised that the government review its ability to sustain the fuel subsidies, which are said to have reached LD 8 billion in 2014.
Furthermore, the committee has called for the reactivation of non-oil incomes, such as taxes.