Libya
's
2012 proposed budget draws heavily on oil revenues, forecast to reach about $54
billion to compensate for the loss of corporate tax revenues in last year's
conflict.
"Libyan state revenues for this year will depend heavily on oil
revenues," a senior official was quoted as saying late Thursday.
"The National Oil Corp. projects oil revenues at about EUR41
billion," which is about $54 billion, the interim government said in a
report on its budget debate.
It said the budget was heavily reliant on the oil sector to compensate for
losses in corporate tax revenues, as both private and public firms had suffered
financial losses in the 2011 conflict that ousted Moammar Gadhafi.
Libya
's
interim government has proposed a 2012 budget of $55 billion as the country
undertakes reconstruction efforts and gears up for its first elections since
Gadhafi's regime was toppled.
The proposed budget must be approved by the ruling National Transitional
Council.
The North African nation's gross domestic product fell by about 60% last year,
but International Monetary Fund projections say it could rebound with a near
70% expansion this year and 20% in 2013.
Libyans
are to elect a constituent assembly in June.