AFP, Benghazi :
Libya’s central bank Thursday called for tough measures in order to halt spending that saw the 2014 budget deficit reach a staggering $18.6 billion, as oil revenues dwindle.
“Immediate and urgent steps are needed, no matter how painful they may be, to better manage spending and provide basic everyday needs to the people,” the bank said in a statement.
According to the central bank, total revenues for 2014 reached $15.5 billion against $34.1 billion in spending, leaving a deficit of around 55 percent, or $18.6 billion.
It also warned of the “negative impact” this could have on Libya’s foreign reserves, in an indirect admission that it has been dipping into the reserves in order to keep the country afloat.
Libya’s central bank Thursday called for tough measures in order to halt spending that saw the 2014 budget deficit reach a staggering $18.6 billion, as oil revenues dwindle.
“Immediate and urgent steps are needed, no matter how painful they may be, to better manage spending and provide basic everyday needs to the people,” the bank said in a statement.
According to the central bank, total revenues for 2014 reached $15.5 billion against $34.1 billion in spending, leaving a deficit of around 55 percent, or $18.6 billion.
It also warned of the “negative impact” this could have on Libya’s foreign reserves, in an indirect admission that it has been dipping into the reserves in order to keep the country afloat.
