Libya: Parliament passes 2014 national budget

Tripoli, Libya (PANA) – After more than eight months of disagreement and bickering, the Libyan national general council (NGC, Parliament) on Sunday passed the 2014 Libyan national budget, set at 56 billion dinars or US$ 47 billion, US$4 billion less than the figure (US$51 billion) approved last year.

PANA reports that the delay in passing the budget followed the power struggle between the NGC and the former Prime minister, Ali Zeidan, occasioning the inability of the parliament to muster a quorum of 120 MPs needed to pass the financial bill.

The main problem arose from Libya's inability to find the funds to support the budget at a time oil receipts dropped significantly following the drop in oil production -- less than 200,000 barrels/day as against the 1.5 million barrels under normal circumstances.

The situation resulted in losses estimated at US$30 billion.

The budget is based on oil sales of US$100 per barrel.
-0- PANA BY/JSG/MSA/VAO 23June2014