LD 17.804 bn CBL loan to make up budget deficit up to 31/8/20

By Sami Zaptia.

(Logo: Tripoli CBL).

London, 15 September 2020:

In its latest statistical bulletin on Libya’s state revenues and outgoings up to 31/8/20, the Tripoli-based Central Bank of Libya (CBL) revealed that it has loaned the Libyan government LD 17.804 bn to make up the deficit for the period.

Total oil and non-oil revenues came in at LD 3.627, down LD 2.837

Oil revenues for the first eight months of this year were LD 2.340 bn, LD 1.660 down on projections while tax revenues were LD 393 million, down LD 474 on projections.

Customs revenues were LD 88 m, down LD 179 million, and telecoms revenues were LD 82 million, down 185 million.

CBL profits contributions were LD 200 m and local fuel sales contributed LD 100 m, down LD 167 m. other revenues contributed LD 300, down LD 186 m, while the Jihad tax brought in LD 124 m, up 14 m.

LD 1.4 bn was set aside from the foreign currency sales surcharge for projects and development expenditure.

Outgoings

Spending on state-sector salaries was LD 14.446 bn, down LD 87 million and making up 61.5 percent of all budget spending. Operational spending was LD 2.141 bn (9 percent), down LD 526 m. Spending on projects and development (which had 1.4 bn set aside for it from the foreign currency sales surcharge) was LD 610 (2.5 percent), down LD 790 m. Subsidies took up LD 3.917 (17 percent), up LD 184 m. The Emergency Budget took up LD 2.325 bn (10 percent), down LD 1.008 bn.

Coronavirus spending

The CBL revealed that the Ministry of Finance had allocated LD 848 m for the fight of the Coronavirus, of which LD 562 m was to the Health Ministry, LD 50 m to the Municipalities, LD 95 m to the Military Medical Authority, LD 35 m to the Emergency Ambulance Authority, LD 65 m to the Medical Supply Organization and LD 41 to the embassies abroad.

Losses from the oil blockade

Losses from the oil blockade that started on 9 January reached about US$ 9 bn and oil revenues for the period were US$ 2.340 bn, of which US$ 122 m were August revenues.

The Foreign Currency Sales Surcharge

The Foreign Currency Sales Surcharge for the period was LD 14.2 bn, of which LD 12.8 bn were used to pay the Public Debt.

NOC Exceptional budget

LD 1.2 bn was transferred to the National Oil Corporation (NOC) as part of the Exceptional Budget allocated by decree (1080/19) of 2019. This money was from the balance from the Foreign Currency Sales Surcharge of 20198

Low non-oil revenues

The NOC warned against the very low non-oil sources of revenues, down by 51 percent, and called on the government to increase their contribution to state revenues.

Subsidies

LD 637 m in subsidies were allocated to the Medical Supply Organization (MSO)(beyond the LD 65 m to fight Covid19), LD 2.267 bn were allocated to fuels, LD 540 m to electricity, LD 173 m to water and sanitation and LD 300 m to public cleanliness.

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