Libya’s parliament passed the country’s 2013 budget on 19 March. The budget includes expenditure of LD 66bn ($52.4bn) and revenues of LD 61.4bn ($48.7bn) giving an overall deficit of LD 4.6bn ($3.7bn), the equivalent to 4% of GDP.

A detailed breakdown has yet to be released but the IMF included several key figures in its recently-released statement concluding its 2013 Article IV consultation with Libya. Hydrocarbon revenues are slated to provide over 93% of total revenues, whilst a quarter of expenditure – a cool $13bn – is earmarked for subsidies (see Table 1). (CONTINUED - 551 WORDS)