No Result
View All Result
Friday, December 8, 2023
18 °c
Tripoli
16 ° Sat
18 ° Sun
18 ° Mon
18 ° Tue
  • 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 Business

CBL budget deficit loan reaches LD 25 bn

bySami Zaptia
December 24, 2020
Reading Time: 3 mins read
A A
12
SHARES
51
VIEWS
Share on FacebookShare on Twitter

By Sami Zaptia.

London, 24 December 2020:

The Central Bank of Libya’s (CBL) loan to the internationally recognized Libyan government based in Tripoli has reached LD 24.481 billion, the CBL revealed on Tuesday in its latest statistical bulleting covering the period from 1 January to 30 November 2020.

Revenues

RELATED POSTS

Visiting Egyptian medical team concludes visit after 137 examinations and 72 major operations

Three gang members imprisoned for attempted fake cheque LD 40 million fraud at Jumhuria bank

Oil revenues were LD 2.409 bn and tax revenues earnt LD 609 million. Customs revenues brought in LD 115 m while state telecommunications accrued LD 122 m.

CBL contribution from its profits were LD 250 million, local fuel sales were LD 200 m, other revenues LD 378 million and the Jihad tax earnt LD 165 million. Total oil and sovereign revenues brought in LD 4.239 bn.

LD 1.575 bn from the foreign currency sales surcharge for spending on projects and development.

Outgoings

The biggest outgoing in the budget were state-sector salaries at LD 18.024 bn making 61 percent of outgoings. Operational outgoings were LD 3.042 bn (10 percent), project and development spending were LD 557 m (2 percent).

State subsidies were LD 5.100 bn (17 percent) and the Emergency budget was LD 2.816 bn (10 percent). The total outgoings were LD 29.539 bn.

NOC withholding oil revenues ‘‘for years’’ from CBL

The CBL pointed out for the second consecutive month that in its view the National Oil Corporation is not transferring all oil revenues to the CBL, as stipulated by law. It had not made this notification prior to October. It claims the NOC has been doing this for ‘‘years’’. The NOC has denied this allegation.

NOC suspending November oil revenues in LFB account as part of oil production/export resumption agreement

The CBL also complained that the NOC had not transferred oil revenues for the month of November.

This is because it has suspended these revenues temporarily in its Libyan Foreign Bank account as part of the Maetig-Hafter political agreement through which Khalifa Hafter allowed oil production and exports from the eastern oil fields under his military control to resume.

In return, the western Libyan authorities would increase transparency and accountability of how oil revenues were being spent by the Tripoli government. They would also distribute these revenues in a fairer manner.

The agreement also included the ending of the suspension of the bank clearance system with eastern Libya, the meeting of the unified CBL board and the reunification of the LD exchange rate .

This is a political agreement between the split Libyan streams which the CBL has objected to – but has had to nevertheless go along with.

 

LD 22 bn CBL loan to cover budget deficit to 31 October 2020 | (libyaherald.com)

Prices will decrease by 35-45 percent because of dinar devaluation: CBL expert | (libyaherald.com)

UNSMIL congratulates CBL on unification of exchange rate | (libyaherald.com)

 

CBL unified board meeting agrees new unified foreign exchange rate of LD 4.48/dollar | (libyaherald.com)

 

At Geneva Libyan economy reform meeting, UNSMIL calls for critical decisions within two days | (libyaherald.com)

The Maetig-Hafter proposal to resume oil exports: Analysis | (libyaherald.com)

 

Hafter announces he will permit restart of oil production and exports, but fails to withdraw forces and mercenaries from oilfields | (libyaherald.com)

 

CBL unified board holds a ‘‘preliminary’’ meeting | (libyaherald.com)

 

At Geneva Libyan economy reform meeting, UNSMIL calls for critical decisions within two days | (libyaherald.com)

The Maetig-Hafter proposal to resume oil exports: Analysis | (libyaherald.com)

 

Hafter announces he will permit restart of oil production and exports, but fails to withdraw forces and mercenaries from oilfields | (libyaherald.com)

 

 

CBL: LD 3 bn in FX smuggling, money laundering – accuses local banks of corruption

 

 

 

 

Share5Tweet3Share1

Related Posts

Libya’s Union of Chambers of Commerce calls on Presidency Council, the Central Bank of Libya and Audit Bureau to take steps to save Libyan economy
Business

Union of Chambers and Agricultural Investment Authority develop strategy for agricultural investment

December 7, 2023
At COP28, NOC launches ambitious ‘Think Tomorrow’ environmental initiative
Business

At COP28, NOC launches ambitious ‘Think Tomorrow’ environmental initiative

December 6, 2023
Ministry of Labour to harmonize outputs of education and requirements of labour market
Business

Ministry of Labour signs MoU with Britain’s Pearson Foundation on training and qualifications

December 6, 2023
Akakus Oil drills 15 wells since January – producing 25,000 bpd
Business

Akakus Oil drills 15 wells since January – producing 25,000 bpd

December 6, 2023
Mitiga airport closure to continue due to militia fighting
Business

Libyan Airports Authority discusses joint investment with Malta’s Corinthia Group

December 6, 2023
Libyan Business Council signs MoU with Spanish counterpart – holding of a business event in Madrid discussed
Business

Libyan Business Council signs MoU with Spanish counterpart – holding of a business event in Madrid discussed

December 5, 2023
Next Post

Ghadames 127 HoR members meet virtually

Salaries increased by 20 percent, Competitions Commission created, and 2021 budget discussed at Cabinet meeting

[adning id="135590"]
ADVERTISEMENT

Top Stories

  • Indonesian embassy to start issuing visas from Tripoli this December

    Indonesian embassy to start issuing visas from Tripoli this December

    111 shares
    Share 50 Tweet 25
  • At COP28, NOC launches ambitious ‘Think Tomorrow’ environmental initiative

    57 shares
    Share 23 Tweet 14
  • Sahel-Saharan Summit in Tripoli discusses challenges of labour, migration and ways to confront them

    107 shares
    Share 43 Tweet 27
  • Misrata Free Zone signs MoU with Antwerp port

    77 shares
    Share 31 Tweet 19
  • Libyan Airports Authority discusses joint investment with Malta’s Corinthia Group

    50 shares
    Share 20 Tweet 13
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

Visiting Egyptian medical team concludes visit after 137 examinations and 72 major operations

Three gang members imprisoned for attempted fake cheque LD 40 million fraud at Jumhuria bank

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.

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

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Sign In with Facebook
    Sign In with Linked In
    OR

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Sign Up with Facebook
    Sign Up with Linked In
    OR

    Fill the forms bellow 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
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
    Are you sure want to unlock this post?
    Unlock left : 0
    Are you sure want to cancel subscription?