Libya Central Bank: Oil recovery behind a 3.3 billion dinar budget surplus for 2018

Alwasat - Cairo Mon 14 Jan 2019, 08:49 PM
alwasat radio

The Central Bank of Libya said that the oil sector achieved a surplus in total revenues during the last year that amounted to 3.3 billion dinars.

The bank said in a statement of revenue and expenditure issued on Monday that the oil revenues amounted to 33.5 billion dinars during the year, an increase of 6.5 billion from the revenues that were estimated.

He explained that the surplus achieved by the oil sector created a surplus of 3.3 billion, after deducting 3.2 billion is the value of the deficit achieved by the sectors of taxes and customs and public revenue.

In terms of expenditure, the central bank statement said that 23.6 billion dinars were spent on the salaries compared to 24.5 billion allocated for it, achieving a saving of more than 900 million dinars.

The development sector achieved a savings of 1.3 billion, with expenditure of 3.4 billion dinars, the estimated expenditure was 4.7 billion dinars.

The bank said that the total estimated expenditure of the previous items amounted to 42.5 billion dinars, while the actual expenditure amounted to 40.5 billion dinars, bringing the surplus in spending to 2 billion dinars, after deducting 1.2 billion dinars is the deficit achieved by the support sector.

Consumer spending, which includes salaries, pass-through expenses and subsidies, was 92 percent of total spending last year, the bank said, adding that the salary figure was 66% of the GDP, describing it as a "negative and serious" indicator of public spending trends.

Related Topics