The Ministry of Finance in Libya's Government of National Unity has revealed that staff salaries accounted for about 41.9 billion dinars, or 47 per cent of the budget spending, during the first eleven months of 2022.
The ministry added in its "Disclosure and Transparency" report issued on Monday evening, that sovereign revenues amounted to 93.728bn dinars, of which 90.325bn came from oil revenues, representing more than 96 per cent of the total income. The remaining revenue came from taxes, income fees on economic activities, customs fees and fuel sales to the local market at a value of 2.459bn dinars, as well as remaining funds from previous years amounting to 944 million dinars.
Spending was distributed in five categories: salaries at 41.92bn dinars, government operating expenses at about 8bn dinars, development projects at 687m dinars, support expenditures at 19bn dinars, and temporary financial arrangements for the National Oil Corporation put at 19.24bn dinars.
The International Monetary Fund has said recently that Libya is expected to achieve the fastest economic growth in 2023, at a rate of 17.9 per cent. It also expects the inflation rate to decline to 2.6 per cent next year, compared with estimates of about six per cent for the current year, which will have a positive effect on citizens' purchasing power.