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Revenue Management Libya

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Mohamed Hamuda

on 12 May 2014

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Transcript of Revenue Management Libya

Revenue Management Libya


Overview of the Hydrocarbon Sector

Fiscal Operations

The Budget Cycle

Key challenges

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
3. Investment
4. Savings
Fiscal Operation
Public Budget
LD69.0 billion
The largest ever budget adopted by a Libyan government
LD53.9 billion
actual spending
The Budget Cycle

Payroll Calcs
HR Mgmt

Policy Development and Review

Budget Preparation

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)






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