BusinessLibya

GNA’s Finance Ministry publishes report for third quarter of 2019

The Ministry of Finance of the Government of National Accord (GNA) issued its report for the third quarter of 2019.

Revenue

The report said that Libyan revenues until September 2019 amounted to 24.632 billion dinars – 24% increase of the expected income – because Libya has based it expectations on producing 1.1 million barrels of oil per day with a price of 55 dollars per barrel, but the increased production led to more incomes.

Revenue from taxes hit over one billion dinars and customs revenue amounted to 234 million dinars, the report said, adding that incomes from fuel supplies to local markets hit 125 million dinars, telecommunications revenue hit 178 million dinars and other incomes amounted to 373 million dinars.

The report also indicated that revenue from the dollar purchase transactions hit 10.533 billion dinars so the total revenue from January to September this year hit 37.230 billion dinars, 6% increase from the expected income.

Expenditure

Libya has spent 31.722 billion dinars so far this year; 17.801 billion spent on public salaries, while steering budget spending amounted to 6.252 billion dinars, 2.351 billion dinars on development, and 5.318 billion dinars on government subsidies.

Salaries

The salaries of House of Representatives from January to September were over 448.290 million dinars, while salaries of High Council of State hit 10.193 million dinars and those of the Presidential Council were over 252.222 million dinars.

Central Bank of Libya

The Ministry of Finance said there had been difficulties in specifying the revenue of CBL due to the division of the administration, which made it difficult to know what the incomes of the treasury were, yet it added that the revenue of the CBL has dropped over the last three years.

Foreign Currency Revenue

The report added that the fees imposed on dollar purchase transactions are still outside the control of the Ministry of Finance.

It said that the Ministry of Finance tried to open an account for the transactions as per the orders of the Presidential Council and control authorities, but it is still unable to do so, which is an illegal action forced on the ministry.

General Debt

The Ministry of Finance warned that the general debt is growing larger and its repurcussions would affect the development and growth rates in Libya, adding that it has paid off part of the debt this year so it avoids any type of recession.

It explained that the general debt for the CBL in Tripoli amounted to 55.959 billion dinars from 2014 to 2019, while the banking general debt for the CBL hit 43.600 billion dinars.

Tags

Related Articles