On Wednesday, Libya’s Central Bank (CBL) announced a surplus of 30 billion dinars has been achieved during the first quarter of 2022.
In a statement, Libya’s Central Bank pointed out that the total revenues during this period amounted to 52.9 billion dinars, while expenditures did not exceed 22.9 billion dinars.
Libya’s Central bank stressed that this is part of efforts to “achieve the highest rates of disclosure and transparency, in response to local and international requests.”
According to the statement, “a portion of the oil revenues is to be used to finance the expenditure on the permitted budget chapters. This is in accordance with payment orders received from the Ministry of Finance, and based on the state’s financial law, 1/12 from the expenditures of the past year 2021.”
“During the period, total foreign currency revenues amounted to 11.2 billion USD, of which 2.5 billion USD were from royalties for previous years, while foreign exchange expenditures amounted to 6.6 billion USD. The outstanding foreign currency liabilities amounted to 7.3 billion USD,” the statement read.
It noted that an urgent and temporary financial arrangement has been made for the National Oil Corporation (NOC), totalling 34 billion LYD.
Notably, Libya’s total spending in 2021 stood at 85.8 billion dinars (18.65 billion USD). Revenues in 2021 amounted to 105.7 billion dinars, of which 97.8 percent was from oil and gas exports.
However, armed conflicts and repeated closures of oil fields and ports have rattled the country in recent years.
Daily oil production has recently dropped to around 500,000 barrels, due to shutdowns.