Months after rebels brought down the extravagant dictatorship of Muammar Gaddafi, the disarray in Libya's state finances at the end of last year was so bad the new leadership did not know the size of state assets, how their money was being spent, or what had happened to more than $2 billion transferred from the sovereign wealth fund.
An internal National Transitional Council (NTC) document paints a picture of a government bureaucracy so fractured and disorganized that nobody appeared able to keep track of what money was coming in, and how much was going out.
Libyan officials say the anomalies in the state's finances revealed in the document were the result of complex accounting rules, delays in settling bills and poor communication between government departments - not by money being misused or stolen.
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