Libya’s total oil revenues rose to 105.5 billion Libyan dinars ($22.01 billion) in 2022, compared to 103.4 billion dinars ($21.5 billion) in 2021, the Central Bank of Libya (CBL) announced on Wednesday.
In recent months, Libya’s oil sector has stabilized, and production has risen to 1.2 million barrels per day. The Minister of Oil and Gas, Mohamed Aoun expressed his hopes that “oil production will return to 2010 levels within two or three years.”
However, some groups have blockaded oil facilities for factional demands. The Tripoli-based Government of National Unity (GNU) said that it had lifted “the force majeure on exploration operations for oil and gas production.” It has called on international oil companies that have concluded contracts with the National Oil Corporation (NOC) to resume their work in Libya.
In the fourth quarter of 2022, a report by the Monetary Fund stated that Libya will be the fastest-growing Arab economy in 2023. It is set to have a growth rate of 17.9%, compared to 3.9% for Arab states.
Notably, the Libyan Parliament-designated Prime Minister, Fathi Bashagha sent the Parliament Speaker, Ageela Saleh the 2023 general budget for his government. It amounted to 57 billion and 531 million dinars.
Bashagha tasked Saleh with reviewing the draft budget, and submitting it to Parliament for approval.
He had received the draft budget from the Minister of Planning and Finance, Osama Saad Hammad, in preparation for referring it to the Parliament for approval. In his letter, Hammad clarified that this “procedure is based on the provisions of the state’s financial system law and the budget, accounts, and stores regulations.”
During a session held in Sirte, in mid-June, the Parliament unanimously approved Bashagha’s general budget for 2022, with a value of 89,689,376,000 Libyan dinars.
