Tripoli – The Central Bank of Libya welcomed, in an official statement, the signing of the “Unified Development Program” agreement between the House of Representatives and the High Council of State today, describing it as a significant national step towards enhancing financial stability and unifying development efforts throughout Libya.
Supporting Transparency and Unifying Spending
The Bank affirmed its full support for this agreement, noting that it embodies the spirit of shared responsibility and reinforces principles of transparency and governance. The CBL clarified that the agreement establishes a clear framework for unifying spending channels and disbursement on development projects, thereby ending the division in the management of financial resources.
Reviving the Economy and Essential Services
Regarding the economic impact, the Bank noted that this agreement will reflect positively on the national economy by:
Directing resources toward productive investment: Focusing on vital sectors such as infrastructure, education, and health.
Enhancing economic growth: Improving social and living conditions for citizens.
Equitable distribution: Ensuring a fair distribution of resources and achieving sustainable development.
Previous Warning and Proactive Action
The Central Bank emphasized that this measure is a “proactive and necessary step” to protect the macroeconomy from larger crises—which the Bank’s Board of Directors had previously warned against—making the agreement a lifeline to avoid the deterioration of financial conditions.
Readiness for Implementation
The Bank concluded its statement by appreciating the terms of the agreement, confirming its full readiness to implement the tasks assigned to it in accordance with applicable legislation. It also renewed its commitment to working with all national parties in a spirit of cooperation and coordination to ensure the success of this agreement and to achieve its goals in serving the nation and its citizens.