Libya’s central bank on 15 July reported a sizeable LD9.7bn ($6.9bn at official $1=LD1.4 rate) surplus for the Tripoli-based Government of National Accord’s (GNA) spending and revenues in 1H19, but this seemingly positive development is largely down to a highly dubious tax on foreign exchange (MEES, 29 March) and lack of absorptive capacity to carry out government operations.
Oil revenues came in at LD14.3bn down 8% y-o-y. Income from the forex tax made up 83% of non-oil revenues, but the GNA surprisingly managed to double other tax income from LD1.1bn to LD2.2bn. However, this is just 8% of the LD27.7bn total revenues. (CONTINUED - 219 WORDS)