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Thursday, June 12, 2014
Despite the fact that its current budget is sorely lacking funds from its number one revenue generator, crude exports, Libya’s government says it will allow its ministries to begin spending the $50 billion budget it submitted to parliament. The green light on spending comes even prior to lawmakers approving the budget.
The cabinet Prime Minister Abdullah al-Thinni said in a statement that it considered the budget draft, submitted in January, as valid after parliament had exhausted the legal limit of four months to vote on it. “The government considers the budget approved,” it said.
Mohamed Abdullah, head of parliament’s budget committee told Reuters the General National Congress was willing to work with the finance ministry to use the budget without formal vote as long as recommendations from lawmakers were included.
The move may worry some economist as Libya might be forced to use more of its reserves as the budget is not backed up by oil revenues which have fallen to $1 billion a month, 25% Libya’s normal revenue generation. Even more concerning is that Libya has directed its dwindling exports at the Zawiya refinery to keep petrol supplied to consumers in Tripoli. The move to direct the production from its two offshore fields, the El Jorf and the Bouri, cuts its exports to almost zero.
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