LD 22 bn CBL loan to cover budget deficit to 31 October 2020

By Sami Zaptia.

London, 20 November 2020:

The Tripoli Central Bank of Libya (CBL) loaned the Libyan government LD 22.255 bn to cover its budget deficit up to 31 October 2020, the CBL revealed in its latest monthly statistical bulletin released yesterday.

Revenues totalled LD 4.028 bn while total outgoings were LD 26.788 bn.

Revenues

Total oil revenues were LD 2.4 bn. Tax revenues brought in LD 485 million, customs revenues earnt LD 110 million and state telecoms revenues were LD 82 million.

CBL profits contribution to the budget were LD 250 million. Sales of local fuels brought in LD 200 million, other revenues brought in LD 360 million and the Jihad tax earnt LD 165 million.

The finance of development projects from the foreign currency sales surcharge was LD 1.6 bn.

Outgoings

State salaries took up 61 percent of the budget at LD 16.238 bn, operational spending (11 percent) LD 2.849 bn while development projects received only LD 352 million (2 percent).

State subsidies took up LD 4.667 bn (17 percent) and the emergency budget consumed LD 2.682 bn (10 percent). This brought the total to LD 26.788 bn.

Inaccurate NOC data?

The CBL said its data relies on stats received from the National Oil Corporation (NOC), but it warned that NOC has been ‘‘inaccurate’’ for the past years. It recommended that this matter is investigated and followed up.

However, reviewing all the previous CBL statistical bulletins, the CBL had not highlighted this fact previously.

Losses from oil closures

The CBL said that losses incurred by the Libyan state estimated at US$ 11 bn.

Non-oil revenues down by about 50 percent

The CBL repeated its almost monthly warning that non-oil state revenues were down by about 50 percent and urged the authorities to do more to increase this source of budget finance.

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