US EditionLibya signs first unified state budget in more than a decade
The central bank said the deal will restore financial stability and assign 73 billion dinars for salaries and 40 billion for development.
- On Saturday, Libya's rival eastern and western legislative bodies signed a US-mediated agreement in Tripoli approving a unified 190 billion dinar state budget, the first consensus on unified spending in over 13 years.
- Libya has operated without a unified national budget since 2013, following the 2014 civil war that fractured the country into rival western and eastern administrations competing for authority.
- Representative Abduljalel Shawesh detailed allocations including 73 billion dinars for salaries, 40 billion for development projects, and 12 billion for the National Oil Corporation to increase energy production.
- Prime Minister Abdul Hamid Dbeibah thanked Senior Adviser Massad Boulos for "supporting the mediation efforts that led to this agreement," though Dbeibah cautioned the true test remains commitment from all parties.
- The Central Bank expects the unified budget to address Libya's $9 billion foreign currency deficit, critical given the economy's reliance on oil for more than 95% of output and recent revenue growth of more than 15%.
22 Articles
22 Articles
The New Arab
The Peninsula QatarLibya approves first unified state budget in 13 years
Libya's rival eastern and western legislative bodies have signed a US-mediated agreement to unify public spending across the divided country for the first time in over a decade, the central bank said Saturday. The north African country has struggled to recover from the chaos that erupted following the 2011 Arab Spring uprising that toppled longtime ruler Muammar Gaddafi. It remains divided between a UN-recognised government led by Prime Minister…
The parliaments of the two civil war parties in Libya have agreed on the first common state budget for over a decade.
Libya approves its first unified state budget in 13 years
Libya's rival eastern and western legislative bodies have signed a US-mediated agreement to unify public spending across the divided country for the first time in over a decade, the central bank said Saturday.The North African country has struggled to recover from the chaos that erupted following the 2011 Arab Spring uprising that toppled longtime ruler...
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