Libyan parties agree on a two-month unified National Budget and Work to Address the Banking Crisis This week, two important decisions were taken that will positively affect the economy and create momentum towards unifying the national financial institutions. On 3 February 2021, the Council of Ministers promulgated a two-month interim budget for 2021. This is […]
Tag Archives | Budget
Tags: Budget, Central Bank of Libya (CBL), featured, United Nations Support Mission in Libya (UNSMIL)
Libyan Central Bank warns of Financial Collapse
By Al-Monitor staff. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Libya Business News. Libyan Central Bank warns of financial collapse if oil production not restored The near halt of Libya's oil production and exportation amid the civil war could cause the country's economic collapse, the head […]
GNA introduces New Program of Public Financial Reforms
Libya’s Ministry of Finance announced a new Public Financial Reform Program on Tuesday in a major step to regulate and reform Libya’s public financial management systems. The announcement is the first step in a program of essential reform initiatives planned by the Ministry of Finance, part of its overall commitment to ensure fiscal prudence through […]
Libyan Finances Ahead of Plan for Jan-Aug Period
By John Lee. Libya's total revenues were 1.1 billion Libyan dinars ($800 million) ahead of budget for the first eight months of the year, according to a statement from the Central Bank of Libya (CBL) on Monday. Oil revenues were 2.6 billion dinars ahead at 20.2 billion dinars, with all other revenue sources being below […]
Audit Bureau rejects GNA Budget
The Libyan Audit Bureau, the highest financial regulatory authority in the country, has rejected the 2019 budget announced by the Government of National Accord (GNA) last month. The Audit Bureau said the legislative authority represented by the Tobruk based House of Representatives did not approve the budget according to the law and “lacked financial or […]
Govt, Central Bank "Fail to Agree 2019 Budget"
By John Lee. The Government of National Accord (GNA) and the Central Bank of Libya (CBL) have reportedly failed to agree a national budget for 2019. A report from Reuters cites sources familiar with the talks as saying that due to a row over spending priorities, the wrangling could go on until March. The disagreement is […]
$31bn Budget for 2018
The public budget in Libya for 2018 has been set at around 42.5 billion Libyan dinar ($31 billion dollars at official bank rates). Oil revenue is expected to reach 22.5 billion dinars in 2018 while taxes and customs tariffs are expected to hit 2.5 billion. There is also an alleged 5.5 billion dinar surplus from […]
Oil Revenues Triple in 2017; Budget Deficit Halved
By John Lee. The Central Bank of Libya (CBL) says that Libya’s revenue for 2017 reached LYD 22.31 billion ($16.5 billion). This was made up of: oil exports of LYD 19.2 billion ($14.1 billion); tax of LYD 845 million ($623 million); customs duty of LYD 164 million ($121 million); and, general revenue of LYD 2.1 […]