Libya to Spend $50bn Budget

The Libyan government is to allow its ministries to begin spending the $50 billion budget it submitted to parliament at the start of the year.

This, according to Reuters, comes even though lawmakers have not voted on it, and might force the central bank to use more of its reserves as the budget is not backed up by oil revenues which have fallen to $1bn a month, a quarter of what Libya used to make in the past.

And public finances could worsen in next few weeks after acting oil Minister Omar Shakmak said that Libya had started directing crude from its two offshore fields to supply the Zawiya refinery, key to provide the capital with petrol. This will bring exports closer to zero as the two fields had been the last unaffected by protests so far.

The cabinet of caretaker Prime Minister Abdullah al-Thinni said in a statement late on Tuesday that it considered the budget draft, submitted in January, as valid after parliament had exhausted the legal limit of fours months to vote on it.

(Source: Reuters)

0 Responses to Libya to Spend $50bn Budget

  1. mohamed elganga 8th November 2014 at 10:09 pm #

    there are no utility of this spending...

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