The Central Bank of Libya (CBL) issued last week a report breaking down the details of the country's revenues and expenditure from January 01, 2017 to September 30 of the same year.
The report stressed that Libya is going through deep-rooted economic crisis and recession in several fields that make up the backbone of Libya's monetary income.
The CBL's report said the deficit in the revenues reached 6.5 billion Libyan Dinars (LYD) as the National Oil Corporation (NOC) could not hit a level of 1.2 million barrels per day, which is the level needed to balance the fiscal and oil sectors.
"The total of the deficit is made up by a shortage of oil revenues of 4.2 billion dollars and a shortage of tax revenues of 107 million dinars, besides the shortage of revenues from the customs department that hit 105 million dinars, let alone the 2.1 billion dinars shortage of public revenues." The report reads.
Expenditure, however; was a bit positive in the report as there had been a surplus of 7.6 billion out of the expected spendings in the first nine months this year, knowing that the CBL's expected expenditure was 28.3 billion dollars, however, it only reached 20.6 billion.
The CBL added that the loans given to the Ministry of Finance by the CBL in that entangled situation of the revenues between 2014 and 2017 reached 70 billion dollars, adding that the CBL is continuing to work on stitching the gap created in the Libyan fiscal circles and monetary market despite the pressure exerted on it by costs and skepticism of its transparency.
"We are working on a project that will reform fiscal, commercial, and financial policies and we will present it soon to the government officials." The CBL added.
It also explained that in spite of the frustrating numbers of the report, which do show that Libya's economy is on the slide due to lack of security and administrative corruption, there is still a ray of hope that any real financial reform and control on oil institutions could help revive Libya's economy once again.