The budget, passed on 15 May is broken down into two main segments, according to Mustafa el-Huni, deputy chairman of the NTC told delegates at MEED’s Libya Focus Day in Dubai.

The first LD30bn ($23bn) will be used to pay public sector wages and pensions, while the second tranche, worth LD38bn will go towards development and infrastructure rehabilitation. This includes the oil sector, healthcare and the re-integration of Libya’s revolutionary fighters back into civil society. Approximately 200,000 young Libyans were involved in the uprising against the Muammar Gaddafi regime in 2011.

Approximately LD45bn of the budget will be paid for by oil sales, says El-Huni.

Libya also has an estimated $165bn worth of foreign assets, which were frozen by the host countries during the Gaddafi reign and the Libyan civil war. According to El-Huni, between 60 to 70 per cent of this has now been unfrozen and recovered. This will form the remainder of the 2012 budget.