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Libya adopts $48 billion budget after delays
Libya’s interim parliament has adopted a 2014 budget worth $48 billion, after long delays due to political chaos and unrest that has plagued the nation.
The official Lana news agency said the budget approved by the outgoing General National Congress was based on an oil price of $100 per barrel, with production of 800,000 barrels per day. It forecast a deficit of $8 billion.
Libya has lost over $14 billion in revenues due to blockades in its export terminals by rebels.
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