Petroleum Africa
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Tuesday, September 1, 2015
The ongoing instability in Libya’s oil and gas sector caused by the continuing civil war and the entrance of ISIS to the country has hit its budget hard. According to the country’s central bank, Libya posted a budget deficit of 4.5 billion dinars or $3.3 billion for the first seven months of 2015.
On its website the bank said that the income generated by oil and gas for the state was 12.4 billion Libyan dinars at the end of July, leaving a deficit of 4.5 billion dinars to cover expenditures of 16.9 billion dinars.
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