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CBL reveals decreased spending, hard currency depletion and Q3 2015 deficit

bySami Zaptia
October 22, 2015
Reading Time: 3 mins read
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By Sami Zaptia.

The CBL reveals decreases in spending, state-salaries, subsidies, deficit and hard currency depletion in the Q3 2015 report released today.
The CBL reveals decreases in state spending, state-salaries, subsidies, deficit and hard currency depletion in the Q3 2015 report released today.

London, 22 October 2015:

The latest Q3 2015 financial report on Libya released today by the Central Bank of . . .[restrict]Libya (CBL) reveals that the bank has been successful in decreasing spending and reducing the total deficit from 2013 to 2015.

The main points of the CBL report are:

  • A decrease in the budget deficit by 50 percent in comparison with the same period in 2014.
  • A decrease in the budget deficit by 35 percent in comparison with same period in the estimated 2015 budget.
  • A decrease in total outgoings by 31 percent compared with the same period in 2014.
  • A decrease in total outgoings by 20 percent compared to estimated 2015 budget.
  • A decrease in state-sector salaries by 21 percent compared to same period in 2014.
  • A decrease in state sector salaries by 4 percent compared to the same period in the estimated 2015 budget.
  • A decrease in subsidies by 44 percent compared to the same period in 2014.
  • The amount spent on subsidies remained the same as estimated for 2015 budget.

 

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(Libyan Dinars in billions) Actual revenues & outgoings to 30/09/2015 Compared to estimated budget to 30/09/2015 Compared to actual to 30/09/2014 Compared to actual to 30/09/2013 The total estimated budget 2015 The total actual budget 2014 The total actual budget 2013
Total revenues 14.3 15.2 15.7 44.3 20.2 20.9 59.1
Outgoings:
Salaries – Chapter 1 13.6 14.2 17.2 18.7 18.9 23 24.9
Operational – Chapter 2 2.1 5.9 2.5 9.5 7.8 3.3 12.7
Development / projects – Ch 3. 2 3.7 3.4 5.8 5 4.5 7.7
Subsidies – Ch 4. 6.1 6.1 10.9 9.5 8.2 14.5 12.6
Public debt 0 0 0.5 1.9 0 0.7 2.6
Total outgoings 23.8 29.9 34.5 45.4 39.9 46 60.5
Total deficit 9.5 14.7 18.8 _ _ _ _

 

Source: CBL – released 22 October 2015

 

The CBL report also informs that it has succeeded in decreasing the exhaustion of Libya’s hard currencies reserves which are used to cover the budget deficit.

 

Foreign currency use: Actual foreign currency use to 30/09/2015 Actual foreign currency use to 30/09/2014
Commercial banks 10.5 21.5
The Libyan state 4.9 9.7
TOTAL: 15.4 31.2

 

Source: CBL – released 11/10/2015

The CBL says that total foreign currency use has decreased by 51 percent compared to the same period in 2014, and decreased by 51 percent by commercial banks for the same period in 2014 and decreased by 49 percent by the state compared with the same period in 2014. [/restrict]

 
Tags: CBL Central Bank of Libyadeficitfeaturedoilstate sector salariessubsidies
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