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Libya faces massive budget deficit

The fall in the global oil price to below $80/bbl combined with limited production, currently around 700,000 b/d, means Libya faces a potential budget deficit of $25bn this year, Central Bank of Libya governor Ali Hibri told African Energy on 1 December. This means the 53.2bn dinars ($42bn) official state budget agreed by the House of Representatives in October already needs revision. Some 60% of expenditure was allocated to salaries and fuel and food subsidies, and a further 20% to “operational expenditure”.

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