Libya Central Bank: Oil revenue in 2017 hit $14 billion, state expenditure $15 billion

Libyan Central Bank (CBL) (Photo: CBL)

The Central Bank of Libya (CBL) has issued a statement on Thursday detailing the revenue and income of the country during 2017.

The CBL explained that the total of the Libyan state’s revenue from oil was 14 billion dollars, compared to 4.8 billion dollars in 2016.

“That is why all Libyans must keep supporting the National Oil Corporation in order to keep the high production rates of oil in the country, which is the only source of funding the public budget of the state.” The CBL indicated in the statement.

CBL’s Statement on January 04, 2018

It also clarified that the total of the expenditure for all the items in the country reached 15 billion dollars in 2017, compared to 12 billion in 2016.

The CBL explained as well that Libya imported fuel with 4 billion dollars, including 731 million dollars as a bond to be paid off by the NOC to the Libyan Foreign Bank, pointing out that the sum was hence not included.

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