Tuesday, September 29, 2009

Libya spends $120 billion on services & housing sector

By Global Arab Network

Libya has spent some $60 billion on the housing and services sectors representing half of the budget intended for the national development plan for 2008/2012 set at $120 billion, according to a report by the Libyan General People's Committee.

In its report on the projections of progress in the national economy published by the newspaper Oyia on Thursday, the People's Committee defended the budget saying it is to meet needs accumulated in the field of basic infrastructure due to population increase and delay in providing structures in the sector since the 1980s.

The report also said investments in oil and gas, industrial and tourist activities, the promotion of real estate and other sectors that will be funded through the domestic and international private sector were estimated at 40 billion dinars.

The report estimates the cost of projects under consideration at 43 billion dinars, or 29% of total expenditures for the development plan.

The Libyan General People's Committee said expenditures on the development plan had been characterized, during the last four decades, by ups and downs, depending on fluctuations of the price of oil revenues, the main income source of the country.

The Libyan General People's Committee said in its report that the fall of volume in the development spending that occurred during the period 1986-2007 for various reasons.