Libya embarks on a new budget

Libya has unveiled a new budget for the year 2000 which strongly minimizes the government's reliance on oil revenues, saying that the new budget will be balanced, thanks to the increase in tax revenues.

Libya's minister of finance, Muhammad Abdullah Bayt al-Maal, said the expenditures will be reduced to three billion Libyan dinars (US $6.65 billion) in the year 2000 in comparison to 3.5 billion Libyan dinars for 1999.

The Libyan minister stated that only 20% of the revenues will come from the oil sector.

In a statement he made before the Libyan's people's conference held in the Libyan coastal city of Syrte, the Libyan minister added that the budget will be balanced. He continued that minimizing oil revenues in the state's budget is in line with the directives of Libyan leader Col. Moammar Gaddafi.