The Central Bank of Libya announced the annual revenues and expenditure for 2023, highlighting oil revenues of 99.1 billion dinars ($20.69 billion), compared to 105.4 billion dinars in 2022.
This announcement is part of the bank’s ongoing efforts to enhance transparency and disclosure, providing citizens and those interested in Libya’s current financial and economic status with essential information.
According to the statement, the country‘s total state revenue for 2023 amounted to 125.911 billion Libyan dinars.
Additionally, the country earned 22.6 billion dinars from oil royalties for the year 2023 and previous years.
The report also disclosed that the total public spending for the Libyan state reached 122.7 billion dinars for the period from January 1 to December 31, 2023.
This expenditure includes salaries, operational expenses, development, support, and financial arrangements for both the National Oil Corporation and the General Electricity Company of Libya.
Tax revenues contributed 2.4 billion dinars, customs revenues 333 million dinars, telecommunications revenues 506 million dinars, and domestic fuel sales generated 180 million dinars. Other diverse sources brought in an additional 792 million dinars.
The major portion of public spending, amounting to 60 billion dinars, was allocated for salaries. Operational expenses accounted for 6 billion dinars, development expenditure for 12 billion, and support initiatives received 20 billion dinars.
The financial arrangements for the National Oil Corporation amounted to 17.5 billion dinars, while those for the General Electricity Company of Libya were at 7.2 billion dinars.
Regarding foreign currency expenditure, the total usage and existing obligations for the past year reached $35.3 billion. In contrast, total revenues were $25.4 billion, resulting in a $9.9 billion deficit.
