Libya’s Oil Revenues Exceed $12 Billion in 8 Months

Libya’s Oil Revenues Exceed $12 Billion in 8 Months
Libya’s Oil Revenues Exceed $12 Billion in 8 Months

On Tuesday, the Central Bank of Libya (CBL) announced that the country’s oil revenues in the first eight months of 2023 amounted to 59.8 billion Libyan dinars ($12.33 billion dollars).

It added that the total revenues in the first eight months amounted to 78.2 billion dinars ($16.12 billion), while public spending reached 68.3 billion Libyan dinars.

The report stated that total foreign exchange revenues during the same period amounted to $16 billion. Meanwhile, total expenditures and outstanding obligations in foreign exchange until the end of August amounted to $25.8 billion.

Last month, the Governor of the CBL, Al-Siddiq Al-Kabir, alongside Deputy Governor Marai Miftah Rahil, declared that the bank re-established itself as a unified sovereign entity.

During a meeting that included department directors and advisers of the CBL branches in Tripoli and Benghazi, they emphasized their ongoing efforts to address the impacts resulting from previous divisions.

Notably, debates have surged across Libyan social media platforms following the release of the total expenditures of the Libyan Parliament and its affiliated entities. These totalled approximately 895 million dinars from January to July this year.

Responding to the CBL’s statement, Abdullah Blaiheg, the Parliament Spokesman criticised the bank’s approach, which “generalised the Parliament’s spending as a lump sum, without delving into a detailed breakdown.” He emphasised the need for a “more transparent, itemised representation, accusing the bank of presenting information that could be perceived as incomplete or skewed.”

In a report published by the CBL, expenses for 18 entities connected to the Parliament were recorded.

The Spokesman clarified: “The financial expenditure reports released by the CBL encompass more than just the Parliament. They include expenses related to several bodies such as the General Intelligence, the Audit Bureau in the east and west, Administrative Control bodies, and the National Planning Council, among others.”