Libya's CBL says budget deficit of 2018 lowered to 4.6 billion dinars from 10.6 in 2017

Libya's CBL says budget deficit of 2018 lowered to 4.6 billion dinars from 10.6 in 2017

January 15, 2019 - 20:56
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Written By: AbdulkaderAssad

The Libyan Central Bank (CBL) has issued a report detailing the fiscal information of Libya in the year pot 2018, saying the deficit of 2018 has amounted to 4.6 billion dinars compared to 10.6 in 2017.

The CBL explained that in 2018, the expenditures hit 42.5 billion dinars with an actual spending of 40.5 billion.

It also indicated that the salaries of the employees in Libya had used 66% of the expenditures, warning that this has a very negative effect on the budget.

The CBL said the expenditures that violated the government's expenditure policy at the Al-Bayda-based CBL amounted to 36 billion dinars in 2018.

Regarding oil revenue, the CBL said Libya gained 33.5 billion dinars - 6.5 billion more than expected - in 2018.

The CBL stated as well that the fees collected by the banks from the dollar purchasing transactions hit about 13.2 billion dinars, adding that Libya spent 19.1 billion dollars last year - 9.2 of which went to the letters of credit, study and medical treatment fees.

The report also explains that 3.4 billion dinars were spent on development projects, while 7.8 billion were spent on government subsidies.

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