Libya: 14% Budget Cut

The 2014 Libyan budget has been cut to LD58.9bn ($47.9bn) from an earlier figure of LD68.6bn ($55.8bn), a member of the planning and finance committee of the General National Council (GNC) Huda al-Banani has confirmed.

Total revenue is now projected at LD48.5bn ($39.4bn), of which oil revenue will account to LD34bn ($27.6bn), or 70% of the total, based on an oil price assumption of $100/B and average production of 800,000 b/d for the year, as projected by the National Oil Corporation and the Ministry of Finance, Ms Banani added. The resulting deficit is now projected at LD10.4bn ($8.5bn). A meeting of the GNC to approve the budget was scheduled for 11 May, but was subsequently called off. (CONTINUED - 383 WORDS)