In its latest statistical bulletin, the Central Bank of Libya alerted on the low collection of non-oil sovereign revenues, where the collection defict has reached 54% and hence calls upon the relevant authorities to improve collection of these revenues.

According to the CBL, expenditure on chapter four of the budget (Subsidies) includes 496 million Dinars for the Medical Supplies Organization, 1.7 billion Dinars for fuel, 360 million Dinars for electricity, 115 million Dinars for water and sewage, and 200 million Dinars for sanitation.

The CBL added that the foreign currency revenues defict totaled 3.4 billion US Dollars for the period, which was covered by the CBL reserves, whereby the total foreign currency revenues was 3.6 billion US Dollars of which 2.051 billion US Dollars from oil revenues from 2019 whilst total foreign currency payments for the period amounted to 1.935 billion US Dollars, of which 5.170 billion US Dollars spent to finance the accounts of commercial banks, including 21 million USD for the household head’s providion, 3.634 billion USD for trade finance, 1.455 billion USD for personal transfers for studying abroad and medical treatment, salaries of expatriates, insurance, aviation and payment of personal purposes for citizens.

Foreign currency payments also includede 2.765 billion USD for government transfers including 838 million USD; foreign litigation expnses and foreign transfers for the Ministry of Finance. Moreover, 1.552 billion USD (for the National Oil Corporation covering fuel subsidies and other NIC expenditures), 375 million USD to cover the letters of credit for other public bodies.