Oil in Libya 2012 budget

Libya’s 2012 proposed budget draws heavily on oil revenues, forecast to reach about $54 billion or 41 billion euros, to compensate for the loss of corporate tax revenues in last year’s conflict.

“Libyan state revenues for this year will depend heavily on oil revenues,” a senior official was quoted as saying late on Thursday.

The interim government said in a report that the budget was heavily reliant on the oil sector to compensate for losses in corporate tax revenues, as both private and public firms had suffered financial losses in 2011 unrest.

Libya’s interim government has proposed a 2012 budget of $55 billion as the country undertakes reconstruction efforts and gears up for its elections. The proposed budget must be approved by the ruling National Transitional Council.
The North African nation’s gross domestic product fell by about 60 per cent last year, but International Monetary Fund (IMF) projections say it could rebound with a near 70-per cent expansion this year and 20 per cent in 2013. Libyans are to elect a constituent assembly in June.

(Source: Oman Daily Observer)

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