The Libyan Supreme Finance Committee for Regulating Spending and Revenues held on Sunday its fourth meeting in Misrata, headed by the President of the Presidential Council, Mohamed al-Menfi.
In early July, the Presidential Council issued a decision to form a supreme financial committee to determine aspects of public spending and follow up on financial arrangements, headed by the President of the Presidential Council, with a membership of 17 others.
In addition to the President of the Presidential Council, the committee included representatives of the National Unity Government, the House of Representatives, the State Council, the Libyan National Army, the Central Bank of Libya in Tripoli and Benghazi, the Audit Bureau, the Administrative Control Authority, and the National Oil Corporation.
The terms of reference of the committee were to approve the aspects of public spending of the state, spending in accordance with the principle of financial rationality and fair distribution, follow-up of the state’s general revenues to verify the safety and efficiency of their collection in accordance with the applicable systems, follow up on the integrity and efficiency of government spending in accordance with the committee’s outputs, and seek the assistance of specialized international and local institutions for the purpose of financial development, policy-making and transparency enhancement.