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Ministry of Finance: Total Government Spending Exceeded 125.7 Billion Dinars in 2023

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The Ministry of Finance in the Government of National Unity revealed in its report on revenues and agreements for the year 2023, issued on Sunday, that the total state revenues during the past year amounted to 126.37 billion dinars. The overall government spending reached 125.726 billion dinars, resulting in a surplus of 644 million dinars.

The ministry explained that the government spending in 2023, totaling 125.7 billion dinars, was allocated as follows: 60 billion dinars for salaries, around 9 billion for operational expenses, approximately 12 billion for development projects and programs, 20 billion dinars for subsidy expenses, in addition to 17.5 billion for financial arrangements for the National Oil Corporation and 7.2 billion for the General Electricity Company.

Ministry of Finance Reveals Expenditure Allocations for Subsidies in 2023

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The Ministry of Finance in the Government of National Unity has disclosed the areas of expenditure for subsidies during the year 2023, totaling approximately 20 billion dinars. This figure does not include the expenses related to fuel subsidies, which are managed outside the budget through the National Oil Corporation.

In its report on revenues and agreements for the past year, the ministry explained that subsidy expenditures included supporting medications with a value of 4.1 billion dinars, electricity support with 4.3 billion, children’s allowance with 3.4 billion, wife and daughters’ allowance with 3.2 billion, and basic pension support with 1.6 billion dinars.

Additionally, the Ministry of Finance noted that subsidy expenses also covered 856 million for supporting the families of martyrs, 750 million for sanitation support, 580 million for water and sewage support, 560 million for supporting sports clubs, and 419 million dinars for social welfare support.

National Oil Corporation Signs Extensions for Several Memoranda of Understanding with Sonatrach Oil Company

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The Chairman of the Board of the National Oil Corporation, Farhat Bengdara held a meeting today, Sunday, with the Director-General of the company, Rashid Hashishi, and several officials to follow up on the progress made so far.

During the meeting, the first amendment to the Memorandum of Understanding signed between the Corporation and Sonatrach on February 10, 2022, was signed. The amendment includes extending the period of the Memorandum of Understanding for two years, expanding the areas of technical cooperation in the oil, gas, and alternative energy industries, as well as training and exchange of experiences.

Extensions were also signed for the appendices of the “Epsa” agreements for Zone 95/96 and Zone 65, compensating for the interruption period due to force majeure until Sonatrach can return to complete the remaining contractual commitments as soon as possible.

Cohen Affirms Official Announcement, Rejects Notion of Leaked Meeting with Al-Mangoush

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The Israeli English-language newspaper ‘Israel Hayom’ conducted an interview with the outgoing Israeli Foreign Minister, Eli Cohen, on the 6th of January, 2024.

In the interview, Cohen addressed the controversy surrounding the public disclosure of his meeting with Najla Al-Mangoush, the Foreign Minister of the interim government in Libya, which led to her departure from the country.

Cohen stated, “The coordination, planning, and approval for this meeting with Al-Mangoush were carried out at all levels in both Libya and Israel, indicating that the announcement and its publication were not leaks but an official matter.”


Adopted from Israel Hayom

National Oil Corporation: Libya’s Crude Oil Exports Surpass 432 Million Barrels in 2023

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The National Oil Corporation revealed in its annual report on the quantities of crude oil, gas, and other petroleum products produced during the year 2023 and exported today, Friday, that Libya’s total crude oil exports exceeded 432 million barrels during the past year.

The Corporation clarified in its report that the total quantities of crude oil produced reached 432 million, 227 thousand, and 175 barrels, “at an average of 1 million and 184 thousand barrels per day.” These quantities exceed a value of 35.8 billion dollars, “considering that the average oil price during the past year was 83 dollars per barrel.”

The Corporation added that the total quantities of natural gas produced approached 12.4 billion cubic meters, in addition to 6 million and 165 thousand tons of petroleum products, 2 million and 426 thousand tons of condensates, and 682 thousand tons of petrochemical products.

Exclusive: GNU Delays Fuel Subsidy Removal, Testing Public Reaction, Reveals Economic Expert

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In a statement to Tabadul channel on Thursday, an economic expert revealed that the National Unity Government has not implemented the subsidy removal decision yet but is gauging reactions. The call for subsidy removal has become widespread, especially among those following economic news and reports from the Central Bank and National Oil Corporation. Citizens’ fuel consumption has reached multiples of neighboring countries still providing fuel subsidies, like Saudi Arabia, Algeria, and Venezuela.

Smuggling Challenges and Economic Realities: The Hidden Side of Fuel Consumption

The expert highlighted a significant issue, stating that official figures do not reflect actual consumption as a considerable portion goes into smuggling. The government lacks the means to curb smuggling, and neighboring countries, facing major economic crises, often tolerate smugglers to avoid unrest, poverty, and inflation, particularly in border areas. Many residents in these regions depend on smuggling and selling illicit fuel on public roads.

Regional Disparities in Fuel Prices: Implications for Tunisia and Neighboring Nations

The economic expert emphasized that in Tunisia, the price of a liter of gasoline approaches five Libyan dinars at the border exchange rate. Chad, Sudan, Egypt, Malta, and Mediterranean shipping benefit from the low fuel price. Transport and distribution companies contribute little to the treasury, and even at the subsidized price, revenue isn’t remitted to the government, posing another challenge.

Squandering Resources: The High Cost of Fuel Subsidies and Smugglers’ Militarization

The expert continued, expressing concern over the massive waste of resources. Monthly, the government loses billions, while those profiting from smuggling are armed militias that have infiltrated politics, resembling the militias governing Lebanon since the seventies.

Economic Impact of Subsidy Removal: A Necessary but Risky Move

Concluding his statement, the economic expert acknowledged that removing subsidies would harm the economy, but the financial damage wouldn’t be as significant as keeping them. The fear lies in the lack of trust in governments to replace cash subsidies, with concerns about the potential 5-10% price increase. Compensating for this rise through replacement is possible, but the state urgently needs to take action to change the current situation.

Dbeibeh: The Government’s Decision to Remove Subsidies is Final; Subsidies Shouldn’t Reach 50% of the Country’s Income

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The head of the Government of National Unity, Abdul Hamid Dbeibeh stated that the government’s decision to lift subsidies on fuel is final, emphasizing that the current situation, where subsidies account for 50% of the country’s income, cannot continue.

Dbeibeh affirmed that international institutions such as the International Monetary Fund, the Central Bank of Libya, and local regulatory bodies have all warned against persisting in the current situation, which drains the state budget. He added that fuel in Libya is considered free, making it the cheapest country globally in terms of fuel prices, with the price of a liter of gasoline not exceeding 3 cents (0.15 dinars).

He pointed out that Libya’s situation is different from many countries in the region, emphasizing the “need to learn from the experiences of similar countries in lifting subsidies and choosing the closest country to our situation.”

Al-Kabeer Discusses Key Local and International Developments in Combating Money Laundering and Terrorism Financing

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During the first meeting of the National Committee for Combating Money Laundering and Terrorism Financing for the year 2024, the Governor of the Central Bank of Libya, Seddiq Al-Kabeer, discussed the most important local and international developments in the field. The discussion included Libya’s readiness for the mutual evaluation process by the Financial Action Task Force (FATF), preparations for the national self-assessment of money laundering and terrorism financing risks, and the enhancement of cooperation and coordination among national entities involved in the anti-money laundering system. The aim is to unify efforts to safeguard the integrity of the financial system, national security, and compliance with international requirements.

The meeting was attended by committee members representing relevant authorities in the anti-money laundering and terrorism financing system at the Libyan Financial Information Unit headquarters in Tripoli.

Bengdara: NOC Relies on Waha Oil Company to Increase Oil Production Rates Due to Its Massive Oil and Gas Reserves

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The Chairman of the Board of Directors of the National Oil Corporation, Farhat Bengdara, held the annual meeting on Wednesday with Waha Oil Company. The meeting was attended by members of the corporation’s board of directors, the asset committee chairman, the company’s management committee chairman and members, as well as directors from both the corporation and the company, and the chairman and members of the monitoring committee.

Bengdara emphasized the corporation’s significant reliance on Waha Company to implement its strategic plan to increase production rates, considering the company’s vast reserves of oil and gas.

He also stressed the importance of implementing safety instructions and regulations, giving utmost importance to preserving the safety of workers and achieving a secure working environment at all locations. He urged the company’s officials to expedite the completion of important projects that contribute to maintaining and increasing production.

Abu Shiha: Open Credits Exceed $12.5 Billion, Posing Challenges for Companies at 6 Dinar to the Dollar Against 4.80 Credit Rates

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The Minister of Economy and Trade, Suhail Abu Shiha, met yesterday, Sunday, with the committee formed by traders to discuss the ministry’s publication regarding the necessity of conducting export and import banking operations through intentional banking transactions.

The participants discussed the obstacles and difficulties faced by traders from the Central Bank in opening bank credits, emphasizing that such procedures cause disruptions in the flow of essential goods and adversely affect small traders.

The acting Minister of Economy and Trade indicated that the procedures for opening bank credits are in accordance with the legal regulations of the state under the Commercial Activity Law of 2010. He mentioned that illegal transfers lead to inaccuracies in import and export data in the national accounts, contributing to the creation of a parallel foreign currency market. Abu Sheiha pointed out that the volume of open credits has exceeded $12.5 billion, equivalent to more than 60 billion Libyan dinars, wondering how companies supplying goods through the parallel market at a rate of 6 dinars to the dollar can compete with companies receiving credits at a rate of 4.80.

Abu Shiha confirmed that credits have been opened for all market needs, surpassing the local market consumption, assuring that the Ministry of Economy and Trade will work to preserve the rights of consumers and traders. He highlighted that efforts will be made to address the challenges arising from law enforcement with relevant authorities.