CBL: Revenues improved, deficit dropped

CBL: Revenues improved, deficit dropped

August 31, 2015 - 12:22
Posted in:
Written By: AbdullahBenIbrahim

A deficit of LYD 4.5 billion has been recorded in the past seven months of the current fiscal year 2015, according to a report released by the Central Bank of Libya (CBL) on Sunday.

The report, calculating revenues and expenditure from January to July 2015, showed a deficit drop by 69% compared with the same period of last year where the deficit reached LY 11.6 billion.

It also showed a deficit drop by 60% of the estimated budget for the first seven months of this year  where the CBL predicted the deficit to reach LYD 11.4 billion.

The report also indicated that revenues from January to July 2015 reached LYD 12.4 billion. It was estimated at 11.8 billion compared to LYD 12.2 billion for the same period of last year.

The report explained that the total expenditure in these seven months amounted to LYD 16.9 billion, compared to LYD 23.2 of the estimated budget and LYD 26.8 billion of the actual expenditure for the same period of last year.

The Central Bank said subsidies for the seven months reached LYD 4.1 though it was expected to reach LYD 4.7 billion in the estimated budget compared to an actual amount of LYD 8.5 of last year.