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,...