By Sami Zaptia.
London, 12 September 2019:
Libya’s oil revenues were up by LD 2.6 bn on budget projections, from LD 17.6 bn to LD 20.2 bn for the period 1/1/2019 to 30/8/19, the Tripoli Central Bank of Libya (CBL) reported in its latest bulletin released on Monday.
Revenues from tax, customs, telecommunications, CBL profits, sales on local fuel and other non-oil revenue were all down. Despite this, overall revenues were still up by LD 1.1 bn from projected LD 10.5 bn TO LD 14.9 bn.
Revenues from the foreign currency sales surcharge were also up from a projected LD 10.5 to LD 14.9. Revenues from this surcharge introduced as part of the September 2018 reforms have helped ease the cash shortage at banks and made money available for investment in some development projects.
Budget outgoings for the period were down by LD 6.2 bn from a projected LD 31.1 bn to LD 24.9 bn. The state-sector wages spending was down by LD 3.1 bn from a projected LD 16.9 bn to LD 13.8 bn, but this still took up 55 percent of the state budget. The operational budget was also down by LD 1.7 bn from a projected LD 6.4 to LD 4.7 taking up 19 percent.
Sadly, despite undertaking to spend more in order to motor the economy, the development/projects section of the budget was also down by LD 1.8 bn from a projected LD 3.3 bn down to LD 1.5 bn, making up only 6 percent of the total state budget.
The politically troublesome subsidy section of the budget, which the Serraj government (as with all previous governments since the 2011 revolution) had promised to cut, was up by LD 400 million from a projected LD 4.5 bn to LD 4.9.
Medical supplies took up LD 1.1 bn of subsidies, fuels LD 2.8 bn, electricity LD 547 million, LD 273 million on public cleaning and LD 173 million on water and sanitation.
Libya’s oil revenues up by LD 1.96 bn to LD 17.4 bn on budget projections
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