Libya Business News
Saturday, January 28, 2023
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
No Result
View All Result
Libya Business News
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
Libya Business News
No Result
View All Result
Home Banking & Finance

Dramatic Measures to Plug Budget Deficit

17th January 2015
in Banking & Finance, Education & Training, Politics
Dramatic Measures to Plug Budget Deficit
Share on FacebookShare on Twitter

The Central Bank of Libya has proposed cutting the country's diplomatic missions abroad and halting foreign scholarships and other state allowances.

The move is part of a plan to cut the budget deficit, estimated at 25.2 Libyan dinars ($20.9 billion) last year.

A combination of lower oil exports, caused by the continuing conflict in the country, and a dramatic fall in the price of oil, resulted in revenues down 63 percent in 2014, from a budget figure of 57 billion Libyan dinars to just 20.9 billion.

The central bank said in a statement:

"The central bank calls on all concerned parties to cooperate in dealing with the growing crisis and alert the public about the dangers facing the country in order to restore stability and protect Libya's future."

According to Reuters, the country's foreign currency reserves were estimated at $109 billion at the end of June.

(Sources: Central Bank, Reuters)

(Budget image via Shutterstock)

Tags: BudgetBudget DeficitCentral Bank of Libyaforeign reserves

Latest News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021
Latest Oil Tenders

Latest Oil Tenders

16th March 2021

Recent News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021

Categories

  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos

Menu

  • Home
  • About Us
  • Contact

Join our mailing list!

Sign-up to receive email updates on the latest news and developments.





© 2021 Libya Business News - Your Libyan business news partner

No Result
View All Result
  • Security
  • Oil & Gas
  • Banking & Finance
  • Politics
  • Industry & Trade
  • Construction & Engineering
  • Investment
  • Tenders
  • Transportation
  • Videos
  • Contact Us

© 2021 Libya Business News - Your Libyan business news partner

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “I Agree”, you consent to the use of ALL the cookies.