Report: Libyan Audit Bureau says Libya's 2016 revenues are the least in modern history

Report: Libyan Audit Bureau says Libya's 2016 revenues are the least in modern history

April 29, 2017 - 22:52
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Written By: AbdulkaderAssad

The Libyan Audit Bureau issued its annual report for 2016 to explain the Libyan financial conditions and published in black and white for the public to be familiar with the current state of affairs in their country.

The report showed that Libya only earned 8.6 billion dinars in revenues while it spent over 30 billion, with a deficit of about 21 billion and a total accumulative deficit of 57 billion dinars since the closure of the oil fields and terminals in Libya.

Libyan governments have taken loans from the Central Bank of Libya worth about 61.5 billion dinars in the years of 2014-2015-2016 and they only returned 15 billion, leaving a general debt of 46.6 billion for the CBL, the report says.

Libya has lost also about 107 billion dollars since the shutdown of the oil fields and terminals starting from 2013 and up to 2016.

The CBL has used 7 billion dollars from the Libyan foreign currency reserves to cover for the needs of the government, the report said, adding that the revenue of the oil production hit 6.6 billion dinars only.

The report also explained that overseas money transfers amounted to 12 billion dollars, causing a deficit of 7 billion in the public budget.

Up to the end of 2016, the general debt for the CBL by the government had reached 46 billion dinars under the article "financial preparations." The report adds.

Compared to 2015, the year of 2016 only brought 8.5 billion dinars in revenue to the country, the report added, saying that the oil and gas production and other sovereign resources contributed to the 2016 budget with only 30%, leaving the 70% to be covered by the CBL loans.

It also indicated that the Libyan dinar has experienced a fatal blow by the policies of the Al-Bayda-based eastern government, whose self-styled CBL printed new banknotes in Russia and damaged the currency and led to the inflation of the crisis.

The report showed that the Salvation Government spent 36 billion dinars in 2015 and the UN-proposed government spent 30 in 2016, while the eastern government had spent 14.4 billion in 2015 and 2016.

The Libyan Audit Bureau gave in the rest of the report a panoramic explanation of where each Libyan dinar had been spent in 2016 and who spent it and on what it was spent.