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Libya's acting econ minister says still no 2014 budget approved
March 18, 2014 / 1:45 PM / in 4 years

Libya's acting econ minister says still no 2014 budget approved

TRIPOLI, March 18 (Reuters) - Libya has still not approved a budget for 2014 as it finds itself in a tight financial situation owing to the loss of oil revenue, the acting economy minister said on Tuesday.

“We are in a very difficult situation. We all need to understand that there is still no budget approved for 2014,” Souhail Abu Sheikha, acting economy minister, told reporters.

He added the budget crisis had been made worse by the government’s inability to collect customs duties. Protesters and militias have blocked the country’s major oilfields and ports since July 2013, depriving Libya of its main revenue stream.

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