Tripoli: Libya's ruling National Transitional Council has approved a 56 billion-dollar budget for 2012, with more than half of the funds devoted to paying salaries and subsidies, the government said on Wednesday.
   
The budget of 68.5 billion Libyan dinars would "allow the government to put in motion plans and programmes developed by different ministries," spokesman Nasser al-Manaa said.

Manaa said 19 billion Libyan dinars would be devoted to paying government employees and another 15 billion was earmarked to subsidise basic commodities and hydrocarbons.

"The rest is for management and development expenses," he told journalists, adding that oil revenues and funds abroad were the main sources of revenue.
Libya's financial situation remains fragile five months after the end of a conflict that deposed veteran dictator Muammar Gaddafi.

The North African nation's gross domestic product fell by about 60 percent last year, but the International Monetary Fund expects a near 70-per cent expansion this year and 20 percent in 2013.

Manaa said Libya was now pumping 1.3 million barrels of oil per day, or 70 percent of its pre-conflict level.

(Agencies)