Libya heading into expenditure troubles over strikes

(MENAFN) The Libyan Prime Minister said that the country will face difficulties to cover the budget expenditure beginning from next month, The Peninsula reported. The prime minister said: "The budget is based on the assumption that oil revenues flow for the (full) year," adding that the country is heading into a deficit because oil exports are mostly on hold which will lead to problems covering the expenditure. The country may lose Italy as a gas and oil business partner due to strikes at oil fields and export terminals. Italy imports as much as 25 percent of its oil needs from Libya.