The Tripoli Ministry of Economy and Trade stated last Tuesday (11 August) that Economic and financial performance indicators from January 1 to June 30, 2026 showed an improvement in the performance of oil exports and revenues, compared to the targets included in the Unified Financial Agreement, which reflects the importance of coordination and integration of work between state institutions in managing public resources and enhancing economic stability.
The Ministry said that, according to the data, revenues from oil exports in foreign exchange amounted to US$ 15.234 billion, against a target of US$ 13.985 billion, achieving a performance exceeding the target by about 11.5%.
General budget revenues from the export of crude oil recorded 96.735 billion dinars, against a target of 89.7 billion dinars, while crude oil production reached 246 million barrels during the period, against a target of 252 million barrels, with part of the production continuing to be directed to meet the needs of the local market and power stations.
The Ministry of Economy and Trade said these indicators must be read within the framework of the integrated performance of the government and state institutions, and not in isolation from each other.
The results achieved during the first half of the year represent a positive indicator of the implementation of the goals of the unified financial agreement, it stated.
The Ministry of Economy and Trade also confirms that the next stage requires continued coordination between state institutions, linking performance to actual revenues, enhancing spending efficiency, and directing resources towards supporting economic activity and improving the citizen’s standard of living.
These results also demonstrate the government’s success in managing the economic and financial file, as oil revenues achieved levels exceeding the approved targets, which reflects the effectiveness of coordination between government institutions in supporting financial stability and maximizing the use of the state’s oil resources.
Comment: A contrarian view
It must be noted that the weakness of the Libyan dinar on the black-market against the major hard currencies, the gap between the official and the black-market exchange rate, inflation and increasing prices, the decrease in the average Libyan citizen’s purchasing power, with most state-employees on fixed and not index-linked salaries, and the recent tendering of the resignation of the Central Bank of Libya’s Governor – all indicate that the Libyan economy is struggling and that the western and eastern Libyan authorities were not respecting the April Unified Spending Agreement brokered by the US.