No Result
View All Result
Monday, June 23, 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 Business

CBL budget deficit loan reaches LD 25 bn

bySami Zaptia
December 24, 2020
Reading Time: 3 mins read
A A

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

NOC Chairman discusses increased cooperation with SLB

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

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)

 

 

https://www.libyaherald.com/2015/07/15/cbl-ld-3-bn-in-fx-smuggling-money-laundering-accuses-local-banks-of-corruption/

 

 

 

 

Related Posts

NOC announces force majeure at Zawia port
Business

NOC Chairman discusses increased cooperation with SLB

June 23, 2025
Sirte Free Zone meets Oman Chamber of Commerce at Oman Agrofood 2024
Business

Sirte Free Zone discusses port development and infrastructure projects with China Harbor‎ Engineering Company

June 16, 2025
LBBC leads delegation to Tripoli of 30 business representatives
Business

Libya Energy Conference, London, 2 July

June 16, 2025
CBL receives results from meetings with international banks
Business

CBL Governor Issa launches transformational financial projects, including National Strategy for Financial Inclusion

June 16, 2025
CBL and Madar launch Sadad mobile e-payment service
Business

Electronic Payment Forum and Exhibition 2025 opens at Tripoli Fairgrounds

June 15, 2025
Preparatory Committee for 30th session of the Libyan-Italian Economic Forum holds second meeting
Business

Libyan Italian Forum for Development and Reconstruction to be held in Benghazi from 25 to 26 June

June 15, 2025
Next Post

Ghadames 127 HoR members meet virtually

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

ADVERTISEMENT

Top Stories

  • GNU to take oath at Benghazi HoR session and budget to be approved at Tripoli session: GNU

    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

    0 shares
    Share 0 Tweet 0
  • The Interior Ministry had spent LD 50 billion in 13 years with no result: Acting Interior Minister Trabelsi

    0 shares
    Share 0 Tweet 0
  • Sirte Free Zone discusses port development and infrastructure projects with China Harbor‎ Engineering Company

    0 shares
    Share 0 Tweet 0
  • Construction work progressing at Benghazi’s new Tika airport

    0 shares
    Share 0 Tweet 0
  • Libya Energy Conference, London, 2 July

    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

NOC Chairman discusses increased cooperation with SLB

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

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.