Govt discusses alternative plan to provide the budget for 2015 to the House of Representatives.

Sunday 27 December 2014- Cairo – Middle gate

The Libyan government has reviewed the preparations required to submission of the budget for the year 2015 to the House of Representatives during its interim meeting held in al-Baida headed by Prime Minister Abdullah al-Thani on Saturday.

The Minister of Finance Mr. Kamil al-Hasi said, the government has decided to re-submit the budget 2014 with some modifications so that it could be approved by the House of the Representatives at the earliest.

Mr. Hassi pointed out that the reduce in the oil prices during the recent weeks by 40% would increase the deficit in new budget, in addition to the reduce of oil production in the country after the so-called “dawn Libya” attacks on the capital, Tripoli especially on oil ports.

Further added, it requires to take the necessary measures to counter this deficit, as the government discussed the implications of this projected deficit in the budget and its handing method. 

Mr. Hassi Badileen has suggested a plan to submit the budget in the House of the Representatives, first that requires the adoption of the current low price and low oil production which will be a considerable pressure  on the Libyan economy and the daily life of citizens.

He added that the second alternative is to wait for a period of month of two till the stability of oil prices and submit a budget based on the fixed selling price of oil which could be trusted upon along with its expected continuation.

He has suggested some ministers to take the “austerity measures” such as removal of subsidies for fuel and address the phenomenon of its smuggling and the subsidized goods, the phenomenon of multiple salaries by many citizens from the country in the absence of adherence to hold a national number and other issues causing the public treasury.

While others proposed to reduce the expanses exceeding the salaries amounts like overtime, bonuses and special allowances benefited by some staff.

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