VOL. XLI
No. 51
21-December-1998
LIBYA
Libya Approves 1999 Austerity Budget As Oil Revenues Fall
The Libyan General Peoples Congress approved a 1999 austeritybudget of LD4.9bn ($10.8bn) on 15 December, 22.7% lower than the 1998 planned figure ofLD5.311bn ($13.976bn). The budget was based on projected oil earnings of LD3.268bn($7.26bn), down 24% from the 1998 figure of LD3.633bn ($9.56bn) in 1998. Libyan FinanceMinister Muhammad Bait al-Mal explained on 9 December that "expenditures have beenset...
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