The Libyan Post, Telecommunication, and Information Technology Company (LPTIC) announced a remarkable financial achievement, generating 913 million Libyan Libyan dinars (LYD) in revenue during 2023.
This surpasses its 2022 earnings of 695 million LYD and the 2021 figure of 649 million LYD.
Breaking its own record, the LPTIC contributed significantly to the state’s general treasury with this substantial increase in revenue.
Days ago, the company revealed its preparations for launching digital government services, scheduled for release in February.
The company emphasised its commitment to streamlining processes, coordinating with ministries and relevant authorities to facilitate data access as well as find effective solutions for electronic payment operations.
Last week, the Central Bank of Libya (CBL) released comprehensive data showing the state’s public spending for 2023 totaled 122.7 billion LYD. The report breaks down the expenditures across several key sectors, reflecting the government’s fiscal policy and strategic priorities for the year.
The largest portion of the budget, 60 billion LYD, was allocated to salaries, demonstrating the government’s pledge to secure the livelihoods of its public sector workforce. Operational expenses accounted for 6 billion LYD, signifying ongoing costs associated with the administration of state functions. Development projects were allocated 12 billion LYD, highlighting a focus on the nation’s infrastructural and economic advancement.
Subsidies, amounting to 20 billion LYD, illustrate the government’s approach to supporting the economic stability and affordability of essential goods and services for the population. The financial arrangements for two of Libya’s critical economic sectors, the National Oil Corporation (NOC) and the General Electricity Company, were assigned 17.5 billion and 7.2 billion LYD, respectively, showcasing the sectors’ pivotal roles in the national economy.
Interestingly, the fifth section of the budget, earmarked for emergency expenditures, reported no outlays, potentially pointing to a year without significant unforeseen financial crises or highlighting prudent budgetary management.