Tag Archives | Budget

Libyan Parties Agree on Unified National Budget

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 […]

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 […]

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 […]