Libya’s newly confirmed Prime Minister, Abdul Hamid Debaiba has revealed the details for his government’s proposed budget for the country, pending approval by the parliament.
The budget was divided into five sections, with the largest sum of 33 billion going to state salaries, followed by subsides at 24 billion, closely trailed by projects and development at 22 billion to comprise a majority of the country’s budget the year to come.
The remaining 17 billion was split between operational spending at 12 billion and an emergency budget at 5 billion.
The primary source for the yet-to-be approved budget is Libya’s oil and gas sector, the country’s principal source of income, with oil revenues comprising 89 billion of the overall budget, and just 4 billion be provided by non-oil related revenues.
The most prevalent concern regarding the country’s new budget is that a government of a temporary tenure of just 10 months, has no time to implement long term solutions therefore it does not require a massive budget to carry out its tasks of preparing the nation for national elections in December.
The astronomical budget and the GNU’s brief time in office cast a shadow of doubt on the country’s new government as talks of corruption left behind by previous administrations continue to linger on the mind of Libyans across the country.
It is worth noting, that should it be approved by parliament, this will be the first time Libya’s budget has been reunified since 2014 that Libya has a unified national budget.