Libya’s total spending in 2021 hits $18.65 billion: central bank

Saddek El Kaber, governor of Libya's central bank, during a Bloomberg Television interview in London, U.K., on Friday, Dec. 10, 2021. Libyan lawmakers met to discuss looming presidential elections as some deputies suggested a wave of alleged violations in the run-up might justify a rescheduling of the vote. Photographer: Jason Alden/Bloomberg via Getty Images

The Central Bank of Libya on Wednesday said that the country’s total spending in 2021 stood at 85.8 billion dinars (18.65 billion U.S. dollars).

The bank also revealed that the country’s revenue in 2021 was 105.7 billion dinars, of which 97.8 percent was from oil and gas exports.

However, armed conflict and closures of oil fields and ports in Libya have rattled the country in recent years.

Libyan daily oil production has recently dropped to around 500,000 barrels per day due to maintenance in some oilfields and previous shutdowns in other oilfields by the Petroleum Facilities Guard, according to the state-owned National Oil Corporation.