Panafrican News Agency

Libya spends USD 3.80 billion on subsidies in first 11 months of 2020

Tripoli, Libya (PANA) - Total spending on subsidies on consumer products in Libya's budget for the period January-November of this year amounted to 5.1 billion dinars or about USD 3.80 billion, compared with a forecast of USD 5.13 billion, the Libyan Ministry of Finance of the Government of National Accord announced here Wednesday.

A document published on the monitoring of the Ministry's macroeconomic unity and financial analysis states that spending on wages and salaries during the same period reached 19.78 billion dinars, or about USD 14.76 billion, compared with the 20 billion that was forecast in budget projections.

According to the ministry, operating and capital expenditures reached 3.1 billion dinars, against 3.5 billion targeted, while spending on development projects and programmes amounted to 65.3 million dinars, against 1.9 billion targeted, while emergency expenditures amounted to 3 billion dinars against 4.5 billion estimated.

The document explains that the total financing of government spending amounted to 31.7 billion dinars, compared to 35.2 billion dinars targeted over the same period.

Oil revenues for the period January to November last year amounted to 5.28 billion dinars or USD 3.94 billion, compared with the 5.5 billion dinars forecast.

The report of the ministry of Finance shows that other sovereign resources reached about 02 billion dinars, against 2.77 billion dinars targeted during the same period.

Profits of the Central Bank of Libya recorded 250 million dinars, against 275 million forecast, while additional commission income from foreign exchange sales was 15 billion dinars, against a target of 1.9 billion dinars.

According to the press release, total public financial resources reached 45.3 billion dinars against the 35.2 billion targeted.


-0-     PANA     BY/JSG/MTA/RA   9Dec2020