Fiscal sustainability continues to be in disarray because control over the major source of revenue has fallen out of official control. The combination of lower petroleum exports and the dramatic fall in the price of oil resulted in revenues down by 63% in 2014 (from a budget of 57 billion Libyan dinars (LYD) in 2013 to LYD 20.9 billion in 2014). The Central Bank of Libya (CBL) announced a budget deficit of LYD 25.1 billion (USD 20.9 billion) for 2014, around 49.1% of GDP. The 2015 budget deficit would decrease to 29.6% of GDP and financing the fiscal gap will be difficult as oil exports are not expected to recover
any time soon. The instability in the governance structure, precariousness in the management of oil revenues and the growing division between the government and the CBL, meant that the 2014 budget