Libya parliament approves $35 bn 2015 budget

Libyan President Mohammed Magarief

Libyan President Mohammed Magarief

After several months’ delay, the Chamber of Representatives in Libya, the Libyan parliament on Tuesday passed the 2015 budget estimated at about 41.163 billion dinars, approximately 35 billion dollars.

The Chamber of Representatives adopted the budget for this year by 76 votes out of 96 Members of Parliament (MPs).
The adoptions takes into account the amendments made by the Finance Committee, said MP Tarek Sagher al-Jerouchi.

The finance committee had, in a first review, decided to reduce the budget from 44 to 41 billion dinars, said Tarek al-Jerouchi.

Parliament demanded the revision of the budget from 44 billion dinars because of a deficit of 30 billion dinars in government revenues.

The budget for 2014 was estimated at 56 billion dinars, approximately 47 billion dollars, while that of 2013 was 51 billion dinars.

the 2014 budget recorded huge deficit as a result of the drop in oil revenues of about 15 billion dollars between January and November.

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