The Tripoli based Central Bank of Libya (CBL) announced in its latest statistical bulletin that Libya’s oil revenues for the period 1 January 2020 to 31 May 2020 crashed to more than LD 2.1 billion, while Taxes brought in LD 177 million, and customs duties brought in LD 37 million.
The CBL pointed out that telecoms revenues inexplicably brought in zero revenues, while local fuel sales brought in LD 75 million. Moreover, Central Bank of Libya’s Profit hit LD 125 Million.
These brought in total revenues of more than LD 2.7 billion.
With regards to outgoings, state-sector salaries were as usual by far the largest single item at 65 percent of the total budget outgoings at LD 9 billion.
LD 2.2 billion was spent on subsidies, while the emergency budget took up more than LD 1.7 billion.