Libya’s 2018 budget set at about 31 billion dollars as living conditions hit a new low
The public budget for Libya in 2018 has been set at about 42.5 billion Libyan dinars, which is worth about 31 billion dollars at the official banking rates in the country, a source at the Ministry of Finance told The New Arab news website.
The source, who requested to remain unnamed, added that Libya’s oil revenue is expected to reach 22.5 billion dinars in 2018, while taxes and customs tariffs are expected to hit 2.5 billion.
“Let alone the 5.5 billion dinars that have been transferred to the financial ministry from the surplus of 2017.” The source explained.
Libya’s dinar has been sharply devalued in the last three years, with the actual rates in the black market reaching up to 9.8 Libyan dinars for one dollar and over 10.8 Libyan dinars for one euro, hence setting the prices of commodities and basic needs for the citizens on fire.
This dilemma has also been coupled up with the shortage of cash at the banks that have rounded now two years without any viable actions by the government.
“Libya has a deficit of 12 billion dinars between the expenditure and the revenue.” The source indicated.