Libya plans to eliminate food subsidies and replace it with financial support for families in the budget for 2013.
The budget, which is estimated at 66.9 billion Libyan dinars, seeks to help the country rebuild after the revolution of 2011 that overthrew the Gaddafi regime.
General National Congress spokesman Omar Hmeidan said the government would allocate about 20 billion dinars for infrastructure projects and reconstruction.
The country spent 68 billion dinars on last year’s budget.
Hmeidan said that the lion’s share of oil revenues in Libya would effectively fund the budget, but that protesters targeting energy installations damaged production and exports in the past few months.
The International Monetary Fund said in a report on Monday, that the adoption of Libya’s oil industry and a large public sector to provide jobs will last for years even with the rebuilding of the country in a democratic era.
Economic growth in Libya exceeded 100% in 2012 thanks to oil production.
libya tv
The budget, which is estimated at 66.9 billion Libyan dinars, seeks to help the country rebuild after the revolution of 2011 that overthrew the Gaddafi regime.
General National Congress spokesman Omar Hmeidan said the government would allocate about 20 billion dinars for infrastructure projects and reconstruction.
The country spent 68 billion dinars on last year’s budget.
Hmeidan said that the lion’s share of oil revenues in Libya would effectively fund the budget, but that protesters targeting energy installations damaged production and exports in the past few months.
The International Monetary Fund said in a report on Monday, that the adoption of Libya’s oil industry and a large public sector to provide jobs will last for years even with the rebuilding of the country in a democratic era.
Economic growth in Libya exceeded 100% in 2012 thanks to oil production.
libya tv
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