Libya’s central bank says 2022 oil revenues rose to $22bn
Bank announces emergency funds for state-owned oil firm amid calls for greater transparency
04 January 2023 - 13:52
byYomna Ehab and Ahmed Elumami
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The Libyan state National Oil Corporation building in Tripoli, Libya, July 14 2022. Picture: HAZEM AHMED/REUTERS
Tripoli — Libya’s oil revenues rose to 105.5-billion Libyan dinars ($22.01bn or R370bn) in 2022 from 103.4-billion dinars in 2021, the central bank said on Wednesday.
The Central Bank of Libya said it allocated 34.4-billion dinars for the state-owned National Oil Corporation (NOC) as “emergency and temporary financial arrangements”.
The NOC is the country’s only legitimate oil producer and all its export revenues flow through the central bank to finance the public sector. Both are based in Tripoli.
The US is pushing for a financial oversight mechanism to ensure the transparent and fair distribution of Libyan oil revenue.
Total spending was 127.9-billion dinars, a 49% increase compared with 2021 when it stood at 85.8-billion dinars, the bank said. The spending covered all 36 sectors funded by the public treasury. The Bank said it was publishing the figures as part of efforts to “achieve the highest levels of transparency”.
The central bank also said public salary payments were 47.1- billion dinars, up from 33.1-billion in 2021.
Libya has faced waves of instability since the 2011 Nato-backed uprising that toppled Muammar Gaddafi. Its energy facilities, the country's main source of wealth, have repeatedly come under attack from rival factions.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Libya’s central bank says 2022 oil revenues rose to $22bn
Bank announces emergency funds for state-owned oil firm amid calls for greater transparency
Tripoli — Libya’s oil revenues rose to 105.5-billion Libyan dinars ($22.01bn or R370bn) in 2022 from 103.4-billion dinars in 2021, the central bank said on Wednesday.
The Central Bank of Libya said it allocated 34.4-billion dinars for the state-owned National Oil Corporation (NOC) as “emergency and temporary financial arrangements”.
The NOC is the country’s only legitimate oil producer and all its export revenues flow through the central bank to finance the public sector. Both are based in Tripoli.
The US is pushing for a financial oversight mechanism to ensure the transparent and fair distribution of Libyan oil revenue.
Total spending was 127.9-billion dinars, a 49% increase compared with 2021 when it stood at 85.8-billion dinars, the bank said. The spending covered all 36 sectors funded by the public treasury. The Bank said it was publishing the figures as part of efforts to “achieve the highest levels of transparency”.
The central bank also said public salary payments were 47.1- billion dinars, up from 33.1-billion in 2021.
Libya has faced waves of instability since the 2011 Nato-backed uprising that toppled Muammar Gaddafi. Its energy facilities, the country's main source of wealth, have repeatedly come under attack from rival factions.
Reuters
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