Libya to Slash Budget

Libya must slash its budget by a third and halt infrastructure funding to offset the loss of oil revenues, according to a report by Reuters.

Mohammed Abdullah, head of the budget committee, said that the General National Congress (GNC) proposes to cut the budget to 44 billion Libyan dinars ($36 billion) from 68.6 billion dinars due to the 9-month shutdown of major ports and oilfields.

He said funding for new infrastructure and other development projects would be halted for now: “It is very difficult ... to launch a development plan in the absence of a new government.

More than half of the budget goes to subsidies and salaries for overstaffed and public service.

(Source: Reuters)

(Budget image via Shutterstock)

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