No Result
View All Result
Monday, June 27, 2022
32 °c
Tripoli
32 ° Tue
31 ° Wed
32 ° Thu
32 ° Fri
  • Advertising
  • Contact
LibyaHerald
 
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

Aldabaiba government does increase spending on development projects: CBL

bySami Zaptia
January 6, 2022
Reading Time: 3 mins read
A A
20
SHARES
87
VIEWS
Share on FacebookShare on Twitter

By Sami Zaptia.

Prime Minister Aldabaiba announcing his ”Reviving Life” development programme in August 2021 (Photo: GNU).

London, 6 January 2022:

In its data update yesterday on the government’s spending for 2021, the Central Bank of Libya (CBL) revealed that the current Abd Alhamid Aldabaiba Government of National Unity (GNU) had spent LD 17.4 billion in the development section of the 2021 budget. This comes in at 20 percent of the total spend for the year which came in at a total of LD 85.8 billion.

Moreover, the CBL in its notes to the data release revealed that the GNU had also spent another 7 percent of the total budget out of the LD 6.5 billion Emergency section of the budget which itself represented 8 percent of the total spending.

Hence, according to the CBL, this brings the total spending on development projects by the GNU out of the total 2021 outgoings to 27 percent. The CBL commented that in previous years development spending by governments did not pass the 4 percent mark.

RELATED POSTS

Aldabaiba agrees to replace Sanalla as head of NOC: News and analysis

Bashagha government is to resume its work from the city of Sirte

Revival of Life

This then confirms the amount of development spending by the Aldabaiba government in his ‘‘Revival of Life’’ policy, including on roads, hospitals, schools, and housing projects – has seen a significant increase.

Critics of Aldabaiba had accused him of being all hype and of using smoke and mirrors to exaggerate the amount of spending he had undertaken as part of his election campaign. The CBL statistics seem to prove to the contrary. Indeed, they show that unlike the previous Faiez Serraj administration, the Aldabaiba administration seems to have spent highly on development projects.

Fortunately for Aldabaiba, he did not have to content with Khalifa Hafter’s war on Tripoli or a major militia war or a lengthy and major shut down of oil production.

Need to reform subsidies and reduce number of state employees

Nevertheless, according to the CBL statistics, the rentier Libyan state is still spending 63 percent of its outgoings on state sector salaries and state subsidies. Critics say improved security in the form of state security forces (police and army) rather than militias would activate the private sector and allow the state to reduce spending on state-sector salaries and subsidies. These savings could then be further invested in development projects.

In launching his Reviving Life policy back in August 2021, Aldabaiba said the development section should constitute more than 50 percent of the budget. He saw development projects as the means to revive the economy and get youth employed and away from militias and wars.

Aldabaiba suffers a sincerity problem

The only problem is that Aldabaiba has a perception of being dishonest. He has an old opaque history as head of LIDCO under the Qaddafi regime. More recently, he broke his vow not to stand for elections when chosen by the Libyan Political Dialogue Forum (LPDF) to run Libya until the elections. He is still standing for the presidential elections despite that vow.

The recent controversy over the lack of legitimacy of his purported Canadian university qualifications has added to that lack of trust.

Whatever the reality is, Libya’s parliament (the House of Representatives) does not trust him or the Tripoli institutions to dispense with the budget without any corruption. It chose not to pass his 2021 budget and withdraw confidence in his government. In theory, Aldabaiba’s GNU is now a caretaker government.

Sadly, this contrasts with the fact, according to the CBL, that Aldabaiba has spent a large amount on development projects in his short time in office.

 

Libya’s foreign exchange revenues amounted to US$ 22.9 bn, spending amounted to US$ 24.5 bn: CBL | (libyaherald.com)

PM Aldabaiba announces ‘‘Reviving Life’’ development programme for Q4 2021 | (libyaherald.com)

Tripoli’s JW Marriot hotel to fully reopen | (libyaherald.com)

PM Aldabaiba reviews 732 projects as part of his Reviving Life policy to restart nationwide projects | (libyaherald.com)

PIB holds investment projects forum in Benghazi – part of government’s ‘‘Reviving Life’’ programme | (libyaherald.com)

Hay Al-Andalous seafront road and sewage projects to start | (libyaherald.com)

LIA invests in stalled LIDCO Tripoli Gate project – restarting construction sector projects | (libyaherald.com)

 

 

 

Tags: 2021 budgetAbd Alhamid aldabaiba pm GNU Government of National UnityCBL Central Bank of LibyafeaturedRevival of Life policyReviving Life development programme August 2021
Share8Tweet5Share1

Related Posts

Tripoli Chamber invites investment proposals for its buildings
Business

Tripoli Chamber signs a protocol with Alexandria Chamber of Commerce

June 25, 2022
Libya Renewable Energy & Energy Efficiency Technologies: Misrata, October 2022
Business

Libya Renewable Energy & Energy Efficiency Technologies: Misrata, October 2022

June 25, 2022
Southern Libyan agribusiness using pivot irrigation to grow 150 hectares of animal feed
Business

Southern Libyan agribusiness using pivot irrigation to grow 150 hectares of animal feed

June 25, 2022
Libya Exhibition for the Export of Human Resources Services: 16 to 18 August in Tripoli
Business

Libya Exhibition for the Export of Human Resources Services: 16 to 18 August in Tripoli

June 25, 2022
As it reopens its air, land and sea borders, Tunisia announces its categorization plans – Libyans watch eagerly
Business

Libya to pay US$ 74 million debt to Tunisia’s STEG for electricity via Tunisia-Algeria connection

June 24, 2022
Tripoli Chamber invites investment proposals for its buildings
Business

Tripoli Chamber business delegation to visit Athens Chamber of Commerce this August

June 24, 2022
Next Post

UNSC Sanctions Committee confirms ‘‘preserving the integrity and value of Libyan frozen assets meant for the benefit of the Libyan people’’

Tripoli Chamber organizing virtual meeting between Libyan and Indonesian businesses on fishing, aquaculture and beach protection

 

Advertise on LibyaHerald

Reach thousands of our site visitors daily

240 x 400px

Advertise Here
ADVERTISEMENT

Top Stories

  • Malta-based Libyan carrier Med Sky to start chartered flights from Misrata to Malta from 5 May

    Malta-based Libyan carrier Med Sky to start chartered flights from Misrata to Malta from 5 May

    582 shares
    Share 233 Tweet 146
  • Two leading Tripoli militias clash in town centre

    486 shares
    Share 200 Tweet 119
  • Hafter’s representatives in the 5+5 Joint Military Commission announce suspension of their participation in the commission

    378 shares
    Share 157 Tweet 92
  • Bashagha reveals proposed government of 41 – with 30 ministers and 8 ministers of state

    364 shares
    Share 148 Tweet 90
  • Bashagha enters Tripoli briefly before being forced to exit swiftly in the face of determined militia opposition

    354 shares
    Share 142 Tweet 89
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

Tripoli Chamber signs a protocol with Alexandria Chamber of Commerce

Libya Renewable Energy & Energy Efficiency Technologies: Misrata, October 2022

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    No Result
    View All Result
    • Login
    • Sign Up
    • Cart
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Sign In with Facebook
    Sign In with Linked In
    OR

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Sign Up with Facebook
    Sign Up with Linked In
    OR

    Fill the forms bellow to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
    Are you sure want to unlock this post?
    Unlock left : 0
    Are you sure want to cancel subscription?