No Result
View All Result
Tuesday, June 17, 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

Libya’s oil revenues up on projections to LD 14 bn

bySami Zaptia
July 16, 2019
Reading Time: 1 min read
A A

By Sami Zaptia.

(Logo: Tripoli CBL).

London, 16 July 2019:

Libya’s oil revenues were up on projections by LD 1.148 bn to LD 14.348 bn for the period 1/1/2019 to 30/6/2019, the Tripoli based Central Bank of Libya (CBL) reported in its latest bulletin yesterday.

Oil revenues contributed 92.8 percent of the state budget – underlining Libya’s oil dependency and rentier state status.

Total sovereign state revenues totalled LD 15.469 down LD 31 million on projections.

RELATED POSTS

Aldabaiba rejects continued spending by eastern Libya government outside the legal budget

NOC reveals spending details of its LD 58 billion budgets

Revenues from its newly-introduced Foreign Currency Sales Tax contributed LD 11.1 bn to state coffers – up from the projected LD 7.9 bn.

This new tax was introduced in the 2018 reforms to help ease the cash crisis, earn an alternative revenue for the state and reduce the black-market foreign currency exchange rates.

The CBL said that in 2018 the tax earnt the state LD 13 2 bn of which LD 5 bn were allocated for nation-wide development projects and LD 5 bn to repay the 2018 public debt.

The Tripoli CBL stressed that its expenditure covers all of Libya – including the east of Libya – which just so happens to be waging a war on Tripoli.

The latest CBL bulletin also shows that state-sector salaries take up 55.2 per cent of total budget outgoings.

Meanwhile, subsidies use up 19.9 per cent (LD 3.483) of the syaye budget, of which LD 638 m go to the state medical purchasing arm (MSO- Medical Supply Organization), LD 2.1 bn go to fuel subsidies, LD 410 go to electricity subsidies, LD 206 go to public cleaning and LD 130 go to water and sewage.

Notably, the state National Oil Corporation (NOC), the main state entity actually earning the Libyan state revenues, only gets 2.096 bn to keep its production going.

Equally, the projects/development section of the budget only received LD 897 m (5 per cent) as opposed to the projected LD 2.5 bn.

 

Tags: budgetbudget deficitfeaturedForeign Currency sales tax levyoil revenuesrevenuesTripoli-Central Bank of Libya CBL

Related Posts

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
Interior Ministry’s Diplomatic Missions Protection personnel receiving training in Ukraine
Libya

Nearly 1 million crimes reported to police stations – confirms urgent need to dissolve all parallel security agencies / militias

June 16, 2025
UNSMIL: Warring parties invited to begin negotiations on 29 September
Libya

Libyan Advisory Committee calls on Libyan stakeholders to work with UNSMIL to build unified, sovereign, and democratic Libya 

June 16, 2025
Presidency Council objects to holding of south reconciliation event in Italy
Libya

All recently clashing state and militia forces and their military vehicles will return to their barracks as of yesterday evening

June 12, 2025
Attorney General orders arrests at Jumhouria bank branch for embezzlement
Libya

Criminal proceedings initiated against 141 members of the Central Security Agency and Stability Support Apparatus, and security units associated with them

June 10, 2025
UNSMIL: Warring parties invited to begin negotiations on 29 September
Libya

UNSMIL condemns militia and government security forces clashes

June 10, 2025
Next Post
Mainly pro Hafter HoR members meet in Cairo and propose a five-point peace plan

Mainly pro Hafter HoR members meet in Cairo and propose a five-point peace plan

GECOL on defensive in heated press conference to explain chronic power cuts

GECOL on defensive in heated press conference to explain chronic power cuts

ADVERTISEMENT

Top Stories

  • Signboards for Benghazi’s new airport at Tika go up – UAE’s Global Builders/Terminals company to implement

    Construction work progressing at Benghazi’s new Tika airport

    0 shares
    Share 0 Tweet 0
  • All recently clashing state and militia forces and their military vehicles will return to their barracks as of yesterday evening

    0 shares
    Share 0 Tweet 0
  • Libya’s economic reality: limited resources, liquidity challenges, inflation, and need for monetary base restructuring – Husni Bey

    0 shares
    Share 0 Tweet 0
  • Aldabaiba stresses need to complete Airport Road works in full in conjunction with imminent opening of Tripoli International Airport

    0 shares
    Share 0 Tweet 0
  • Calm returns after overnight Tripoli militia clashes – Defence Ministry says it has enforced control, warns of readiness to take measures to ensure security

    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

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

Nearly 1 million crimes reported to police stations – confirms urgent need to dissolve all parallel security agencies / militias

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.