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FINANCIAL NEWS
Oil revenues for Libya will not cover salaries for 2017
16 Jul 2017
(MENAFN) According to the central bank of Libya, it predicted that 2017’s revenues from gas and oil will not cover the salaries of government employees.
In a statement released by the bank, it said: “The total income expected from oil and gas exports in 2017 is 16.6 billion dinars (11.9 billion USD). However, this sum does not cover the salaries for the year 2017, estimated at 21 billion dinars (15.1 billion USD).”
Also, the statement confirmed that it is collaborating with number of government experts to develop program for economic reform for financial, trade and monetary policies.
Overall, Libya suffered recently from financial and economic crisis for years because of the reduction in oil revenues, since the major oil ports were closed by militias.
MENAFN1607201700450000ID1095628411
MENAFN1607201700450000ID1095628411
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