The Libyan Audit Bureau has published its annual report for the 2023 fiscal year, highlighting the country’s financial performance and sector evaluations.
The 19-chapter report provides an overview of Libya’s financial situation, internal audits, and an assessment of the performance of various state sectors.
The Bureau warned against politicising the report or using it for personal agendas, stressing its commitment to professionalism and objectivity.
Operating under international standards and legal frameworks, the Bureau aims to promote transparency, accountability, and integrity in the public sector. Its goals include addressing shortcomings in compliance and policy implementation, ensuring efficient public fund management, and evaluating and reforming the state’s financial and administrative systems.
According to the report, Libya’s total revenues for 2023 reached 175.08 billion dinars, while expenditures amounted to 174.00 billion dinars.
In November, the Central Bank of Libya (CBL) released a financial report detailing expenses and revenues from January 1 through the end of October. The report highlights the allocation of LYD 3.708 billion in expenditures for legislative and executive authorities during the first ten months of the year. Of this, LYD 2.242 billion was allocated for salaries, excluding October’s payroll due to its delayed submission.
According to the report, the Libyan Government of National Unity (GNU) and its affiliated bodies received LYD 2.237 billion in total funds, of which LYD 1.130 billion was allocated for salaries. Meanwhile, the Presidential Council and its affiliates were allocated LYD 448 million, with LYD 353 million designated for payroll alone.
The report further disclosed that the Libyan House of Representatives and its entities received a budget of LYD 975 million, with LYD 729 million dedicated to salaries. The High Council of State (HCS) reported expenditures of LYD 46 million during the same period, with LYD 29 million allocated specifically for payroll.
This detailed financial report sheds light on the fiscal priorities of Libya’s legislative and executive branches, providing a breakdown of public spending for greater transparency.
