On Saturday, the Central Bank of Libya (CBL) released its public revenue and expenditure report for the first seven months of the year.
The CBL disclosed a total revenue of 62.8 billion Libyan Dinars (LYD)($13.2 billion) from January to July 2023. Meanwhile, public expenditure amounted to 47 billion LYD ($9.9 billion), according to the bank’s official statement.
The majority of Libya’s revenue has been driven by oil sales, highlighting the North African country’s dependence on its abundant oil reserves. Oil sales contributed 45.3 billion LYD ($9.5 billion) to the total revenue, supplemented by 6 billion LYD ($1.26 billion) from oil royalties. An additional 10.3 billion LYD ($2.16 billion) was collected from royalties owed from prior years.
Tax collection efforts also added to the coffers with 361 million LYD ($76 million). Other sources of income included customs duties, which raked in 159 million LYD ($33 million).
Telecommunication revenues and domestic market fuel sales accounted for 210 million LYD ($44 million) and 120 million LYD ($25 million) respectively. The statement also mentioned other revenues totaling 366 million LYD ($77 million), which came from financial service fees in various Libyan cities, such as passport charges, vehicle registration fees, fines, and more.
On the expenditure side, the CBL’s data revealed that 28 billion LYD ($5.8 billion) was utilised on salaries. Operational expenses reached 5 billion LYD ($1.05 billion), with 2.5 billion LYD ($525 million) dedicated to development initiatives. Another significant portion of the expenditure, 11.5 billion LYD ($2.4 billion), went towards various support mechanisms. It was noted that there was no allocation for emergency expenditure within the time frame.
These figures underscore Libya’s economic potential and the resilience of its economy amidst political turbulence and the ongoing transition process. The revenue generated, especially from the oil sector, showcases the sector’s critical role in Libya’s economic stability.
