Central Bank of Libya says financial deficit decreased by 48 pct in 2017

Source: Xinhua| 2018-01-06 02:06:27|Editor: yan
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TRIPOLI, Jan. 5 (Xinhua) -- Central Bank of Libya in Tripoli announced Thursday that the country's fiscal deficit has decreased by 48 percent during 2017.

The bank revealed that the deficit decreased by 48 percent in comparison to 2016 "thanks to the efforts of the Presidential Council of the Government of National Accord."

The bank also said the value of the country's foreign exchange expenditures in 2017 amounted to 15 billion dollars.

"The total oil revenues in 2017 amounted to 14 billion dollars, compared to 4.8 billion dollars in 2016. The expenditure were 15 billion dollars, compared to 12 billion dollars in 2016," the statement explained.

Following the 2011 uprising that toppled former leader Muammar Gaddafi's regime, Libya has been suffering economic crisis with a sharp decrease of oil revenues, the country's main source of income, as a lot of oil fields and ports have been closed because of armed conflict.

Libya's foreign exchange reserves have been shrinking over the past four years. The country has suffered losses of more than 140 billion dollars after years of closure of oil fields and ports.

Libya has also suffered political division between eastern and western authorities, including the Central Bank.

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