No Result
View All Result
Tuesday, July 8, 2025
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • Advertising
  • Contact
LibyaHerald
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Libya

PC/GNA demands CBL releases agreed 2017 first quarter budget

bySami Zaptia
January 17, 2017
Reading Time: 3 mins read
A A
PC/GNA demands CBL releases agreed 2017 first quarter budget

The PC/GNA's Ministry of Finance has demanded that the CBL hand over the agreed budget for Q1 of 2017 (Photo: sources at MoF).

By Sami Zaptia.

The PC/GNA's Ministry of Finance has demanded that the CBL hand over the agreed budget for Q1 of 2017 (Photo: sources at MoF).
The PC/GNA’s Ministry of Finance has demanded that the CBL hand over the agreed budget for Q1 of 2017 (Photo: sources at MoF).

London, 17 January 2017:

The Presidency Council/Government of National Accord’s Ministry of Finance (MoF) has demanded that the Central Bank of Libya (CBL) releases the LD 4.8 bn agreed in the Temporary Financial Arrangement (budget) to its treasury account immediately.

The demand came in a letter obtained by Libya Herald today. The letter was dated 16 January and was addressed to the CBL Governor from the PC/GNA’s Minister of Finance-designate Osama Hamad.

The letter stresses that the requested amount corresponds to the amount agreed upon in the schedule for the first quarter of 2017 which was supposed to have been released into the treasury account by 10 January.

RELATED POSTS

A 247,000-bpd oil production increase would achieve US$ 6 billion annually to enhance ability to meet FX demand, maintain strength of LD and achieve economic balance: CBL ‎

CBL demands imports are conducted through official banking instruments and the elimination of the FX black market

The MoF says that the money is needed urgently in order that the MoF can start disbursing obligations and avoid blockages in the first quarter for the payment of state-sector salaries, hospitals, NOC and other urgent disbursements.

The request by the MoF that the CBL promptly handover money that is overdue for the first quarter of 2017 – as previously agreed – contrasts sharply with the CBL’s view of the timeline for the processing of the 2017 ‘‘budget’’.

In a leaked CBL letter addressed to the PC dated 9 January published by Libya Herald yesterday, the CBL announced that it was releasing US$ 750 million of Letters of Credit for the import of essential goods. It stated that it was releasing this amount early pending the approval of the 2017 ‘‘budget’’ – a process which in its view would take ‘‘no less than 60 days’’.

The two documents are very informative and expose the tensions that have continued to exist since the arrival of the PC/GNA to Tripoli in March 2016 between the CBL and PC/GNA, despite their public announcement that they had come to an agreement on the 2017 budget.

It will be noted that both the CBL and MoF refer to the 2017 budget as the ‘‘temporary financial arrangement’’ and intentionally avoid the term ‘‘budget’’. According to Libyan law, the country’s budget can only be passed by its parliament, the Tobruk-based House of Representative (HoR).

The Faiez Serraj-led PC/GNA has used a clause in the 2015 Libyan Political Agreement which permits it to pass a ‘‘temporary financial arrangement’’ in order to avoid the need for HoR approval.

However, the HoR has politically and legally contested the PC/GNA’s ‘‘temporary financial arrangement’’, insisting that the PC/GNA has misused the relevant clause in the LPA.

Irrespective of the merits of the legal interpretation of the contested clause, the PC/GNA, together with the international community, have been able to persuade the CBL and Audit Bureau of the validity of this clause. In turn, because the revenues of Libya’s hydrocarbon exports are channeled through the Tripoli-based CBL, the CBL’s approval is pivotal to the PC/GNA obtaining a 2017 budget.

It will be recalled that the PC/GNA had agreed with the CBL on a LD 37.56 bn ‘‘budget’’ for 2017 at the end of December.

 

 

GNA’s 2017 Temporary Financial Arrangements (budget) in billon LD’s
State-sector salaries 20.74
Subsidies 6.32
Operating costs 5.06
Development 4.0 (50 % for the oil sector)
Actual Total: 36.12
Total announced by GNA: 37.56
Unaccounted for difference: 1.44

 

Tags: 2017 temporary emergency financial arrangements budgetCBL Central Bank of LibyafeaturedHoR House of RepresentativesPC/GNA MoF Ministry of FinancePC/GNA Presidency Council Government of National Accord

Related Posts

Libya Herald exclusive: Responding to the prime minister’s call yesterday to the private sector and banks to do more, leading businessman Husni Bey responds
Business

Op-Ed: Reputational Damage Is Worse Than Losing Money

July 2, 2025
Libyan Russian Economic Forum starts in St. Petersburg
Libya

Libyan Russian Economic Forum starts in St. Petersburg

June 27, 2025
MoI establishes Elections Security and Protection Department
Libya

Aldabaiba and Menfi stress use of polling feedback to establish consensus basis for constitutional process: report and analysis

June 26, 2025
GNU to take oath at Benghazi HoR session and budget to be approved at Tripoli session: GNU
Libya

“There is no state built by gangs and criminality, it’s built by engineers, youth, consultants, security, police and army”: Aldabaiba

June 23, 2025
GNU to take oath at Benghazi HoR session and budget to be approved at Tripoli session: GNU
Libya

187 new security posts taken over from militias – PM declares victory for the state as all vital Tripoli sites come under its exclusive control for the first time since 2011

June 19, 2025
Interior Ministry’s Diplomatic Missions Protection personnel receiving training in Ukraine
Libya

The Interior Ministry had spent LD 50 billion in 13 years with no result: Acting Interior Minister Trabelsi

June 17, 2025
Next Post
CRA discovers more than 4,000 forged documents in its Beida paper archives

CRA discovers more than 4,000 forged documents in its Beida paper archives

Algeria continues Libya peace efforts with visit of pro-LNA HoR group

ADVERTISEMENT

Top Stories

  • Libya Herald exclusive: Responding to the prime minister’s call yesterday to the private sector and banks to do more, leading businessman Husni Bey responds

    Op-Ed: Reputational Damage Is Worse Than Losing Money

    0 shares
    Share 0 Tweet 0
  • All imports into Libya must be paid for through official bank transactions

    0 shares
    Share 0 Tweet 0
  • A 247,000-bpd oil production increase would achieve US$ 6 billion annually to enhance ability to meet FX demand, maintain strength of LD and achieve economic balance: CBL ‎

    0 shares
    Share 0 Tweet 0
  • CBL demands imports are conducted through official banking instruments and the elimination of the FX black market

    0 shares
    Share 0 Tweet 0
  • Libya’s economy showed recovery in 2024, remained resilient despite reliance on hydrocarbons and ongoing political and security instability: World Bank

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

A 247,000-bpd oil production increase would achieve US$ 6 billion annually to enhance ability to meet FX demand, maintain strength of LD and achieve economic balance: CBL ‎

Op-Ed: Reputational Damage Is Worse Than Losing Money

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Login
    • Sign Up
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.