Libya’s central bank says 2022 oil revenues rose to $22b

Libya’s oil revenues rose to 105.5 billion Libyan dinars ($22.01 billion) in 2022 from 103.4 billion libyan dinars in 2021, the central bank said on Wednesday.

The Central Bank of Libya (CBL) said it allocated 34.4 billion dinars for the state oil firm — (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 CBL to finance the public sector. Both are based in Tripoli.

The United States 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 per cent increase compared to 2021 when it stood at 85.8 billion dinars, the bank said.

It said the spending covered all 36 sectors funded by the public treasury and it was publishing the figures as part of efforts to “achieve the highest levels of transparency”.

The CBL also said public salary payments were 47.1 billion dinars, up from 33.1 billion dinars in 2021.

Libya has been in chaos since the 2011 NATO-backed uprising that toppled Muammar Gaddafi, and energy facilities, the country’s main source of wealth, repeatedly come under attack from rival factions. — Reuters

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