General National Congress (GNC) members are due to vote on the 2014 budget, which will come in at LD58.9bn ($47.1bn).

The head of the assembly's finance committee has said this year's state budget, which has yet to be approved, may be slashed to around LD44bn ($35.2bn) to offset losses caused by the oil crisis.

A recent cabinet meeting discussed plans for issuing smart cards for fuel purchases, which are intended to replace direct subsidies on petroleum products.

The head of the assembly's finance committee says that cabinet discussions have revealed “large increases” in most categories of the budget.

The national assembly was due to hold further discussions today on the proposed 2014 state budget, which has been delayed on several occasions.

The Bank has followed the IMF in downgrading Libya's GDP growth estimates for last year and this year.

Almost half of the LD100m ($80m) emergency budget, which the cabinet agreed in December, will be used for housing, utilities and water projects.

In its latest forecasts, the International Monetary Fund (IMF) now projects that Libya's economy will shrink by 7.8% this year and generate a budget deficit of around 29% of GDP.

A spokesman says the ministry has begun implementing austerity measures due to the fall in state revenues caused by continued low oil output.

The General National Congress (GNC) has approved an emergency budget of LD2.6bn ($2.1bn) requested by the interim government.

A member of the General National Congress (GNC) finance committee claims the long-delayed 2014 state budget will be approved soon but will rule out any salary increases.

The budget and finance committee of the General National Congress (GNC) has discussed the as-yet-unapproved 2014 budget. 

Libya's interim economy minister says the government has yet to pass a 2014 annual budget, warning of a "very difficult situation."

Ministry of Education salaries totalled around LD6bn ($4.7bn) last year, according to an official report, roughly a quarter of the total state wage bill - which itself made up 40% of the annual budget.

A new report criticises the Libyan Investment Authority (LIA) for investing funds without taking correct due diligence procedures, with figures suggesting its return on assets in 2012 was just 0.8%.