Tag Archives | subsidies

Govt Spent $30bn on Fuel Subsidies

The Libyan Audit Bureau has stated that Libya has spent $30 billion in the last five years on fuel subsidies. The subsidies make Libyan fuel one of the cheapest in the world and helps fuel the illegal export of fuel abroad. The Bureau suggested that the subsidies, which have reduced since 2014 due to austerity […]

Cental Bank Allocates $3.4bn to GNA

By Adam Nathan. The Central Bank of Libya (CBL) has deposited LD 4.8 billion ($3.4 billion) to the Presidency Council / Government of National Accord (GNA) to cover the budget ('Temporary Financial Arrangement') for the first quarter of the year. While LD 3.5 billion of this is to be used to pay state salaries, Economics […]

Central Bank to Abolish Subsidies

The Central Bank of Libya (CBL) has agreed to remove direct subsidies on fuel, foodstuffs and medicines, according to a report from Libya Herald. The changes are to be phased in from early next year over a period of a year or more, with compensating payments LD 70 being paid into the bank accounts of […]

New Smart Cards to Cut Fuel Subsidies

Reuters reports that Libya plans to introduce a smart card system to limit the costly subsidies its citizens enjoy when buying motor fuel -- much of the fuel is smuggled into Tunisia for resale at higher prices. Under the new system, citizens will be able to buy a limited amount of subsidised fuel, and will […]

Libyan Plan to End Fuel Subsidies

Libyan Minister of Oil and Gas, Dr. Abdulbari Alarusi [Al Arusi] (pictured), has said that Libya plans to do away with all fuel subsidies within three years: “The authorities intend to remove subsidies on all fuel, including both gasoline and diesel .. We expect the implementation of this process to take place within the next […]