The iconic Central Library recently had £1m spent on improving its exterior. It had however been expecting a further £20m to completely overhaul and improve its interior.
The plan to renovate the 123 year-old building came to a halt because of Northern Ireland Assembly cuts.
The Libraries Authority has said that it is disappointed it is not getting to refurbish the Library.
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The Chief Executive of Libraries NI (Libraries Authority) Irene Knox said: "We're obviously disappointed, but we still believe that this building and the tremendous resources that are in it are very important not just to Belfast but to Northern Ireland as a whole.
"So we are continuing to pursue our plans looking at other possibilities, other potential sources of funding."
The economic downturn has also led to the proposed closure of ten rural libraries across Northern Ireland.
These proposed closures led to an outcry back in February this year and was deemed a "terrible blow" to rural communities.
Following a review of a 70 libraries by Libraries NI, 44 were deemed viable, 21 were classed as needing major work or a new building and ten libraries were classed as potentially unviable.
Local groups have been fighting the plan and Libraries NI is expected to decide in October which will close and which may be reprieved.
(LB/BMcC)
