Libya’s ‘government’ has finally agreed a budget. Planned oil revenues are puzzlingly conservative while a third of revenue is accounted for by a dubious foreign exchange ‘tax’. Capital spending at LD7bn is a pittance relative to what needs to be spent on rebuilding the war-torn country. And Tripoli is unlikely to be able to spend even that.

Three months late, Libya’s Tripoli-based government finally has a budget. The UN-backed Government of National...