Libya's Audit Bureau: Report of 2019

Libya's Audit Bureau: Report of 2019

March 11, 2021 - 21:16
Posted in:
Written By: AbdulkaderAssad

The Libyan Audit Bureau published its 2019 public expenditure report, saying the revenues reached in that year 60 billion dinars and expenditures 46.4 billion as sovereign revenues plummeted by 59% due to ill-judgment in foreign currency selling plans as well as oil resources' management.

The report said there was a financial improvement in 2018 and 2019, with the first surplus since the deteriorating between 2013 and 2017.

"The Central Bank of Libya gave 11 billion dinars to the Interim Government in eastern Libya, which has not yet made a final financial disclosure to the state." The report says.

It adds that the Presidential Council approved a number of extraordinary financial arrangements in 2019 to use the remaining foreign currency purchase transactions' money from 2018, adding that the arrangements were implemented in 2019 and 2020, except for the 5-million dinars development arrangements.

The report said that the money allocated for the Head of the Presidential Council Fayez Al-Sarraj to attend the UN General Assembly reached 700.000 dinars and they were transferred to the Libyan UN Mission in New York, while Al-Sarraj's spending for attending the fifth OPEC meeting amounted to 150.00 dinars sent to Libya's embassy in Guinea.

The report referred to hotel bookings and first-class flights' tickets for the Presidential Council employees and their families as well as people who have no links to the Presidential Council for medical treatment purposes abroad.

The Presidential Council's financial commitments of 2016, 2017, and 2018 reached 12.633.710 dinars, while the Central Bank of Libya made violations in 2019 in terms of monetary supply that saw a hike in prices and a drop in dinars value to foreign currency, let alone the cost of printing dinar banknotes (from £5 to 9 million) for every billion dinars.