The Tripoli based Central Bank of Libya (CBL) announced in its latest statistical bulletin today that Libya’s oil revenues totalled 1.9 billion dinars ($1.3 billion) in the first quarter of the year.

The CBL stressed that it provided all the money requested by the Ministry of Health as well as the Medical Supply Organization in support of its anti-Coronavirus efforts, adding that it paid this year’s salaries for January, February and March.

The CBL emphasized that the stoppage of oil production and export during the first quarter of 2020 has led to direct losses of more than US$ 4 billion amidst the collapse of oil prices in the international market.

The total oil revenues received at the Central Bank of Libya for the above period reached 4.771 billion LYD, of which 2.871 billion LYD for oil exported during the month of December 2019, and 1.900 billion LYD the resultant of the total oil export during the first quarter of 2020.

Telecommunications revenues were at 228 million LYD, and they represent the revenues due for the year 2019.

Revenues from the hard currency levy were at 6.110 billion LYD, among which a total of 525 million LYD were allocated to finance the expenses of part III of the financial arrangements during the first quarter of 2020.

The bank alerted to the low amounts of non-oil sovereign revenues, calling on the relevant parties to improve their collection measures.

The statement declared that 169 million LYD were spent on subsidies for medical supplies, 850 million LYD on fuel, and 57 million LYD were spent on subsidies for water and sewage.

Total foreign exchange payments amounted to 4.267 billion USD, of Which 2.775 billion USD spent to finance the accounts of commercial banks including 79 million LYD for the household head’s provision, 1.263 billion USD for trade finance, 1.433 billion USD for personal transfers for studying abroad and medical treatment, salaries of expatriates, insurance, aviation, as well as payment of personal purposes for the citizens.

1.492 billion USD for government transfers, including 497 million USD spent on foreign litigation expenses and foreign transfers for the Finance Ministry, 768 million USD for the National Oil Corporation covering fuel subsidies and other NOC expenses, and 245 million USD to cover the letters of credit for other public bodies.