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Revenue Management Libya
Transcript of Revenue Management Libya
Overview of the Hydrocarbon Sector
The Budget Cycle
Libya’s economy presents today the main characteristics of a natural resource country.
Since 2005, Libya has been undertaking
a deep transformation of its economy.
Libya’s population is 6,075 Thousand.
The wage bill in the budget serves 1,135 Thousand.
Overview of The Hydrocarbon
64.9 % of GDP
Coverage of non-hydrocarbon imports by non-hydrocarbon exports (8.5 percent).
The coverage of government expenditure by non-hydrocarbon revenue was 16 percent on average, resulting in a non-hydrocarbon deficit averaging about 32 percent of GDP and 97 percent of non-hydrocarbon GDP.
Libya’s reserves are estimated to be between 48.1 billion barrels of crude oil and some 1.5 trillion cubic meters of gas.
Official reserves increased from 38 months of next year’s imports in 2005 to 47 months in 2011.
The national debt, equivalent to
of the estimated hydrocarbon revenues.
Revenues are distributed among four main recipients:
which receives the equivalent of the projected non-hydrocarbon budget deficit.
The Libyan Investment Authority
The Savings Fund
1. The National Debt
2. The State Budget
The largest ever budget adopted by a Libyan government
The Budget Cycle
Policy Development and Review
Audit and Evaluation
Fiscal Reports & Budget Review
Debt and Aid Management
Payments and Receipts Mgmt
Commitment of Funds
Mgmt of Budget Authorizations
Asset / Inventory Mgmt
GoL proposing an ‘Emergency Budget” for approximately LYD 50 Billion
Represents a reduction of LYD 18 Billion from FY2013’s LYD68 Billion Budget
Represents a 36% reduction from FY2013
Key Challenges 2014
Scenario 1:- Base Case Scenario
Oil fields in East remain shutdown;
Oil fields producing approximately 600,000 BBL per day;
Oil prices greater than USD$100 BBL
Revenues to equal LYD25 Billion plus LYD2 Billion from other revenues (Tax, Customs, Telecommunications, Dividends from Central Bank)
Scenario 2:- Optimistic Scenario
Oil fields to produce 1.25 million BBLs per day;
Oil prices greater than USD$100 BBL;
Revenues to equal LYD55 Billion plus LYD2.5 Billion from other revenues (Tax, Customs, Telecommunications, Dividends from Central Bank)