By Libya Herald reporter.
Tunis, 23 June 2014:
The House of Representatives (HoR) today passed the 2015 budget.
The 2015 budget totalled LD 41 bn but is forecast to result in a LD 26 bn budget deficit which means Libya’s revenues are expected to be no more than LD 15 bn in 2015.
| The 2015 budget | |
| Salaries | LD 20 bn |
| Subsidies | LD 11 bn |
| Development | LD 5 bn |
| Operating costs | LD 5 bn |
| Total: | LD 41 bn |
The drastic fall in Libya’s 2015 budget reflects the equally drastic fall in Libya’s oil production, down to under 500,000 bpd from a peak of 1.5 million bpd in 2012. It also reflects the collapse in international crude oil prices from over US$ 100 pb to around US$ 65 pb.