MinbarLibya – International

By Abdulkader Assad

The Libyan Audit Bureau has unveiled that the total cost of money transfers out of Libya in the last five years has reached 172 billion dollars.

The Audit Bureau added in a report on Saturday that those transfers were mostly corrupted or linked to money smuggling.

According to the report, the transfers were done by both public and private sectors in the form of deals for commodities or medicines as well as salaries of diplomats and funds for student scholarships.

“Fuel, medicines, treatment of patients, funds for student scholarships, construction and importation contracts were the things that made up the public money transfers, while the private ones included random business venues, reaching in 2016 about 7 billion dollars (50%) of the last year’s transfers.” The report explains.

Roughly most of the transfers were aimed at stealing the public foreign currency assets of the country and smuggling them abroad, the report further adds, saying the transfers were done by connections and nepotism.

“Libya imports 95% of the commodities from abroad and the governments did not use the revenues of oil to achieve sustainable development and a variety of venues for the income in the country.” It added.

The Audit Bureau also said that 110 billion dollars were Libya’s oil revenue in the last five years, while in 2012 alone the income was 46 billion dollars, dropping to 5 billion dollars last year.

Libya’s resources and reserves are still being used carelessly so that no development can take place, with the foreign currency reserves dropping from 113 billion dollars in 2013 to 58 billion dollars in 2016.

Oil fields’ blockade and oil terminals’ shutdown coast Libya 107 billion dollars, knowing that Libya depends mainly on oil revenue for government expenditure.

The Audit Bureau added that the current hustle and bustle regarding producing and exporting oil added to the sharp drop of its prices in the world market, leading to lack of investment expenditure and thus lack of new economic cooperation for more development in Libya.

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