CBL reviews 2015 budget

CBL reviews 2015 budget

December 21, 2015 - 11:28
Posted in:
Written By: AbdullahBenIbrahim

The Central Bank of Libya has issued its third report for 2015 reviewing the ways through which the 2015 budget has been implemented up until the end of November.

The report said revenues until the end of November 2015 have reached 15.9 billion dinars, 9.9bn of which were gained from oil and gas, 555m from state assets and other 5.4m from assets of previous years.

"Revenues expected to have been gained in the same period were around 18.5bn, knowing that in 2014 the revenues came into the country’s treasury were about 19.2.” The report shows.

Regarding the expenditure, the report shows that it has amounted to almost 28.4 billion dinars, the majority of which spent on state employees’ salaries with 16.4bn LYD in total.

"Other expenditures included 2.2bn for administrative works, 2.3bn for development, and 7.5bn for goods subsidiary divided into 450m for medications, 5.7b for fuel products, 853m for electricity, 177m for water and sanitation, and 326m for general cleanliness." The report indicates.

The report pointed out that the expected expenditure until November 2015 amounted to 36.6bn, while back in 2014 the expenditure for the same period reached 42.2bn.

The CBL report also shows a decrease in the budget deficit with 46% compared to the same period of year in 2014 and a decrease in the expenditure with 33% compared to the same period last year. In addition, the salaries dropped by 22% and the goods subsidiary sharply decreased by 44% compared to 2014.

Despite the numbers published by the CBL, inflation rates rose high, making the basic goods and daily services soar in price, while the country is also facing a financial crisis due to the closure of some oil ports and fields.