The Undersecretary of the Ministry of Economy in Libya, Suhail Abu Shiha, stated during his statements with CNBC that the volume of oil revenues for the Libyan economy in the first quarter was $6 billion, and the 2023 budget was balanced with revenues that covered expenses, and the general budget surplus in Libya during the first quarter amounted to ten billion dinars, Which represents 8.5% of the size of the economy, and it is expected that the Libyan budget will record a surplus during the coming period.

During the years 2022 and 2023, more than 30% of the general budget was directed to developing the electricity sector in addition to developing oil fields and supporting oil production, and this year’s surpluses will be exploited in the same way. Oil is considered a major resource in Libya, as it represents 90% of Libya’s economic activity, and Libya’s production of Oil reached about 1,220 million barrels per day.

The Libyan government has allocated about $17 billion for the next three years with the aim of increasing Libyan oil production to reach about 2 million barrels per day, and the Libyan budget parity price is considered to be between $70 and $73 per barrel of oil.

The size of the foreign reserves of the Central Bank of Libya amounted to about 84 billion dollars, and the free reserves amounted to about 29 billion dollars, and the Libyan government will not undertake any borrowing from the International Monetary Fund.