Reports released on Thursday by the Central Bank of Libya (CBL) showed that Libya’s revenue for 2017 reached LYD 22.31 billion. The figure includes oil exports (LYD 19.2 billion), taxation (LYD845 million), customs duty (LYD 164 million) and general revenue (LYD 2.1 billion).
The report stated that spending reached LYD 32.7 billion which includes public sector salaries (LYD 20.3 billion), running costs of public sector (LYD 4.5 billion), development projects (LYD 1.9 million), and subsidies (LYD 6.0 billion). The report noted that defect saw a 24% decrease from LYD20.3 in 2016 to LYD 10.6 in 2017. Salaries represent 62% of public spending while development only 4%.
The report shows an increase in oil revenues from $4.8 billion in 2016 to $14 billion in 2017. As for the hard currency, CBL says that Libya spent $15 billion on imports in 2017 compared to $12 billion in 2016. The figure was spent on the following items:
- Letters of Credit, state-funded scholarships and state-funded overseas medical treatment: $6.6 billion.
- Letters of credit for the National Oil Corporation including imports of fuel: $3.8 billion.
- Letters of credit for government entities: $809 million.
- Variant transactions (Embassies, state-funded students) $939 million.
- Grants of $400 for each Libyan household: $2.8 billion.
The bank says the figures do not include about LYD 20 billion spent by its rival central bank based in the Eastern city of al-Bayda.