Libya Approves $48bn Budget

Libya's interim parliament has adopted a 2014 budget worth $48 billion, reports BBC News.

The budget was based on an oil price of $100 per barrel, with production of 800,000 barrels per day, and forecast a deficit of $8 billion.

But the seizure of oil terminals has reduced output from 1.5 million bpd to just 200,000 bpd.

Libya, which relies on oil for 96% of its gross domestic product, says the blockade has cost the country more than $14 billion in lost revenues.

An International Monetary Fund-World Bank assessment on Libya this year forecast that a contraction of gross domestic product that reached 5.3% last year would widen to 8% in 2014.

(Source: BBC News)

(Budget image via Shutterstock)

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