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Libya adopts budget after delays over crisis

New Libyan Prime Minister Ahmed Miitig (C) meets with his ministers for the first time on June 2, 2014 in TripoliLibya’s interim parliament on Sunday adopted the 2014 budget worth some $48 billion, after long delays due to political chaos and unrest that has plagued the oil-rich nation. The official Lana news agency said the budget approved by the outgoing General National Congress was based on an oil price of $100 per barrel, with production of 800,000 barrels per day. Libya’s oil-dependent economy, which has been struggling since the 2011 uprising that toppled dictator Moamer Kadhafi, took a severe beating when rebels blockaded export terminals last year. Libya, which relies on oil for 96 percent of its gross domestic product, says the blockade has cost the country more than $14 billion (10.1 billion euros) in lost revenues.

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