Libya: Parliament revises financial law

Tripoli, Libya (PANA) – The Libyan Parliament on Wednesday revised this year’s financial law and examined a memorandum presented by the Central Bank of Libya (BCL) related to the country’s financial situation following a sharp drop in revenue from oil exports.

After more than eight months of disagreements, the Libyan National General Congress (NGC) last June adopted the government's budget for 2014, estimated at 56 billion dinars (about US$47 billion), as against US$51 billion last year.

This year’s budget is marked by the rationalization of expenditure as well as a deficit of 10 billion dinars calculated on the basis of forecasts related to receipts from oil production estimated at 800,000 barrels/day.

But the drop in production to its lowest level of less than 200,000 barrels/day, as against normal production of 1.5 million barrels, has forced Libya to seek other sources of revenue to finance the budget.

However, oil production inched up this week to 562,000 barrels/day as against 535,000 barrels/day last week.
-0- PANA BY/SSB/MSA/MA 20Aug2014