Libyan State’s 2022 Resources and Expenditures
The report from the Audit Office revealed on Wednesday that the resources of the Libyan state in 2022 reached 177 billion Libyan dinars. Government expenditures amounted to 171 billion Libyan dinars in just one year. Additionally, in 2022, Libya imported fuel worth 42 billion LYD through the National Oil Corporation via oil exports without recording it in the state’s accounts.
The report also stated that the total expenditures of the Libyan state from 2012 to 2022 amounted to 656 billion Libyan dinars. The majority of spending occurring in the past two years, totaled 273 billion dinars in 2021 and 2022.
Financial Revelations: Surge in Subsidies, Detained Funds, and Central Bank Assets
The report further revealed that the budget for subsidies increased from 37.4 billion dinars in 2021 to 62.7 billion dinars in 2022. This means that the value of support exceeded 7,000 dinars per person.
The report also disclosed the detention of 16 billion dinars in the deposits and trusts account at the Central Bank of Libya, which were earmarked for the third sector and had disbursement orders from the Ministry of Planning, issued by the head of the National Unity Government. These funds have not been allocated to the sectors.
According to the report, the total assets of the Central Bank of Libya at the end of 2022 amounted to approximately 527 billion dinars. This includes domestic assets valued at 127 billion dinars, foreign assets valued at 82.8 billion dollars (approximately 400 billion dinars). This is in addition to a gold reserve valued at 46.9 million dinars. The total public debt, according to the Central Bank of Libya’s data, reached about 84 billion dinars, without taking into account the public debt incurred by the interim government in the eastern part of the country due to the absence of official data regarding it.
The Audit Bureau report also clarified that the total assets of the Libyan Investment Corporation increased to 71.3 billion dollars by the end of 2022, up from 70.6 billion at the end of 2023.
The report indicated that the total financing authorizations for development expenditures in 2022 amounted to more than 33.6 billion dinars, of which 17.1 billion dinars were disbursed to the beneficiary entities, and 16.5 billion dinars were allocated by the decision of Dbeibeh to various entities but have not been disbursed and were detained in the deposits and trusts account at the Central Bank of Libya.