BusinessLibya

Audit Bureau aims to release its 2018 Annual Report before March

Head of Libya’s Audit Bureau, Omar Abd Rabbo, held a meeting with the members of the higher committee responsible for preparing the 2018 Annual Report on Wednesday in Al-Bayda city, eastern Libya.

He demanded the committee to accelerate its work so that the report can be completed before March.

The Audit Bureau has formed a higher committee and two sub-committees to set up the next annual report which monitors the government expenditures, state revenues, national projects, administrative corruption, and other state-related issues.

During the meeting, Abd Rabbo stressed the importance of studying all state contracts that are worth more than LYD 5 million according to the regulatory standards of the Audit Bureau.

Meanwhile, the Audit Bureau convened in Tripoli to follow up the process of preparing the Annual Report for the last year. The meeting witnessed discussing a part of the report that monitors the administrative and financial violations at the municipalities and some of their affiliated service departments.

Libya’s Tripoli-based Audit Bureau has issued its 2017 Annual Report on 23 May 2018.

According to the findings of the 920-page report, the government expenditure during 2017 exceeded LYD 32 billion. The Tripoli-based Government of National Accord spent about LYD 256 billion from 2012 to 2017, while the eastern-based Interim Government’s spending amounted to LYD 21 billion from 2014 to 2017. This brought the total spending by all governments to LYD 277 billion over the last five years.

On the other hand, state revenues in 2017 were LYD 22 billion up from LYD 9 billion in 2016 and LYD 11 billion in 2015. The state budget deficit was made up by advances from the Central Bank of Libya, which has now reached LYD 58 billion.

The previous annual report also highlighted numerous corruption-related issues, including tax evasion and corporate manipulation of tax disclosures and accounts.

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