According to official data issued by the Central Bank of Libya in Tripoli, the volume of public expenditure during the nine months of this year reached 29.29 billion dinars (20.77 billion dollars), achieving a surplus of 5.8 billion dinars, in an estimated financial arrangements for the same period.
According to the Central Bank, oil and gas revenues represent the most important source of financing the financial arrangements (general budget) by 93% of the total revenues, warning of the continued rise in spending on salaries, which represents 54% of the total public expenditure.
Total foreign exchange payments during the past nine months amounted to $ 17.14 billion, to feed commercial bank accounts and state transfers. Revenues from foreign exchange sales under the economic reform program amounted to about 16.94 billion Libyan dinars.
Public spending is divided into four sections: salaries at 54%, government operating expenses at 20%, development projects at 8% and subsidies at 18%. Oil revenues topped the list, rising by KD 22.7 billion and KD 2.9 billion higher than expected in the last nine months.
Source (Al-Arabi Al-Jadeed Newspaper, Adapted)
