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Audit Bureau reveals drains in the state resources

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LIBYAPROSPECT – Tripoli

The Libyan Audit Bureau revealed, on Sunday, that total state foreign currency that was expended during the last five years is $172 Billion. Most of the expenses went for consumption purposes in corrupted transactions.

The Audit Bureau said in its report that the external transfers went for the interest of the two sectors, public and private. The transfers had decreased the foreign cash reserves between 2012 and 2016 to only $62 Billion. The transfers were expended on medication deals, the salaries of the diplomatic missions, and the student scholarships.

The transfers of the public sector included the provisions of goods and services such as fuel, medication, student scholarships, and the contracts of supply and construction. However, most of private sector’s transfers went on trade activities, randomly. The transactions went up to $7 Billion, which was equivalent to %50 of the total of the year.

The Audit Bureau confirmed that most of the external operations vulnerable for appropriation. This kind of transactions made using nepotism.

The report said that Libya imports it’s the equivalent of %95 of its needs from outside the country. Libya hadn’t benefited from its oil resources to achieve comprehensive development.

The report stated that the total of Libyan oil revenues was $110 Billion between 2012 and 2016, which was deposited in the Central Bank of Libya (CBL) outside the country. It added that the oil revenues of the year 2012 were $46 Billion, then it was dropped to $5 Billion only, last year.

The Audit Bureau clarified that the depletion of the Libyan sources is continued without achieving any economic benefits, stressing that the foreign exchange had drained from $113 Billion to $58 Billion last year.

About the losses of closing the oil ports, the Audit Bureau reported that the losses had become more than $107 Billion, adding that the Libyan economy depends only on the oil revenues to cover the governmental expenditures.

The Audit Bureau stated that the disorder in oil production and the drops in its prices in the international markets caused a reduction in investment spending, which had affected the economic growth in Libya.