An agreement has been reached. It will pass Libya’s first unified budget in over a decade.
An economic report from Reuters highlighted this agreement. It details the passage of Libya’s first unified budget in over a decade. Libya has been politically divided for years. This step is a significant shift. It aims to reduce financial divisions. It will also enhance economic stability in the country.
The new budget totals 190 billion dinars.
The report quoted Abdul Jalil Al-Shawish, a representative of the High Council of State. Al-Shawish spoke during the budget’s passage ceremony. He stated that the High Council of State and the House of Representatives agreed on the budget. The budget is valued at 190 billion dinars. This is approximately 29.95 billion US dollars. He clarified that the Dbeibah government will handle salaries, operating expenses, and subsidies. The report also noted this is Libya’s first unified budget since 2013.
A joint committee will prioritize projects.
Al-Shawish added that a committee will be formed. It will include various parties. This committee will discuss development project priorities. These projects are listed in the budget. The Central Bank will supervise this process. He expects the House of Representatives to legislate the budget. This will occur after allocating 12 billion dinars to the National Oil Corporation in Tripoli. An additional 40 billion dinars will go to development projects.
Details of financial allocations are as follows.
The report stated the allocations. 73 billion dinars are for salaries. 37 billion dinars are for subsidies. 18 billion dinars are for family allowances. 10 billion dinars are for operating expenses. Additionally, 12 billion dinars are for the National Oil Corporation. 40 billion dinars are earmarked for development projects. In the same context, Reuters quoted Naji Issa. Issa is the Governor of the Central Bank of Libya. He said the unified budget approval is an important step. It will support financial stability. It will also end years of division.
US praises the step.
The report indicated Massad Boulos praised this move. Boulos is a senior advisor to former US President Donald Trump for Arab and African Affairs. He considered it to have followed months of US facilitation. It is part of a broader roadmap towards peace and national unity. He added that the new budget will support development projects nationwide. It will also ensure funding for the National Oil Corporation in Tripoli. This will enable increased energy production. It will also boost revenues.