In its latest released statistical bulletin covering the period 01/01/2024 to 30/11/2024, the Central Bank of Libya (CBL) revealed that total state revenues amounted to 86.3 billion dinars, while total government spending during the same period amounted to 84.9 billion dinars, resulting in a surplus of 1.4 billion dinars.
Of the total government spending of 84.9 billion dinars:
- 9 billion dinars were allocated for salaries (excluding the month of November)
- 8 billion dinars for subsidies
- 7 billion for operating expenses
- 739 million dinars for development/projects
- An extraordinary budget of 6.7 billion was spent by the National Oil Corporation (to increase oil production from the current 1.5 to 2 million barrels per day by 2027) and 3.1 billion for the General Electricity Company of Libya (GECOL – to keep electricity generation up with demand after the huge electricity infrastructure destruction during the civil war).
A foreign exchange deficit of US$ 6.1 billion
Foreign exchange revenues reached $17.1 billion and foreign exchange use reached $23.2 billion. This resulted in a deficit in foreign exchange of US$ 6.1 billion. The CBL indicated that the reason for the deficit is the decrease in foreign exchange income.
Total foreign exchange uses included:
- US$ 11.1 billion for documentary credits,
- about $ 7.6 billion for personal purposes,
- 306 million for transfers,
- $ 119 million for merchant cards,
- $ 1.6 billion for the National Oil Corporation, and $ 850 million for the General Electricity Company.
