By Sami Zaptia.
London, 22 October 2015:
The latest Q3 2015 financial report on Libya released today by the Central Bank of . . .[restrict]Libya (CBL) reveals that the bank has been successful in decreasing spending and reducing the total deficit from 2013 to 2015.
The main points of the CBL report are:
- A decrease in the budget deficit by 50 percent in comparison with the same period in 2014.
- A decrease in the budget deficit by 35 percent in comparison with same period in the estimated 2015 budget.
- A decrease in total outgoings by 31 percent compared with the same period in 2014.
- A decrease in total outgoings by 20 percent compared to estimated 2015 budget.
- A decrease in state-sector salaries by 21 percent compared to same period in 2014.
- A decrease in state sector salaries by 4 percent compared to the same period in the estimated 2015 budget.
- A decrease in subsidies by 44 percent compared to the same period in 2014.
- The amount spent on subsidies remained the same as estimated for 2015 budget.
| (Libyan Dinars in billions) | Actual revenues & outgoings to 30/09/2015 | Compared to estimated budget to 30/09/2015 | Compared to actual to 30/09/2014 | Compared to actual to 30/09/2013 | The total estimated budget 2015 | The total actual budget 2014 | The total actual budget 2013 |
| Total revenues | 14.3 | 15.2 | 15.7 | 44.3 | 20.2 | 20.9 | 59.1 |
| Outgoings: | |||||||
| Salaries – Chapter 1 | 13.6 | 14.2 | 17.2 | 18.7 | 18.9 | 23 | 24.9 |
| Operational – Chapter 2 | 2.1 | 5.9 | 2.5 | 9.5 | 7.8 | 3.3 | 12.7 |
| Development / projects – Ch 3. | 2 | 3.7 | 3.4 | 5.8 | 5 | 4.5 | 7.7 |
| Subsidies – Ch 4. | 6.1 | 6.1 | 10.9 | 9.5 | 8.2 | 14.5 | 12.6 |
| Public debt | 0 | 0 | 0.5 | 1.9 | 0 | 0.7 | 2.6 |
| Total outgoings | 23.8 | 29.9 | 34.5 | 45.4 | 39.9 | 46 | 60.5 |
| Total deficit | 9.5 | 14.7 | 18.8 | _ | _ | _ | _ |
Source: CBL – released 22 October 2015
The CBL report also informs that it has succeeded in decreasing the exhaustion of Libya’s hard currencies reserves which are used to cover the budget deficit.
| Foreign currency use: | Actual foreign currency use to 30/09/2015 | Actual foreign currency use to 30/09/2014 |
| Commercial banks | 10.5 | 21.5 |
| The Libyan state | 4.9 | 9.7 |
| TOTAL: | 15.4 | 31.2 |
Source: CBL – released 11/10/2015
The CBL says that total foreign currency use has decreased by 51 percent compared to the same period in 2014, and decreased by 51 percent by commercial banks for the same period in 2014 and decreased by 49 percent by the state compared with the same period in 2014. [/restrict]
