Benghazi – The Libyan government announced its initiation of the public spending unification agreement for the fiscal year 2026. This move is considered a significant step. It aims to enhance financial stability. It also seeks to solidify principles of transparency and fairness in resource distribution.
The government clarified the agreement in an official statement. It involved members from the House of Representatives and the High Council of State. The Central Bank of Libya sponsored the agreement. Its goal is to unify spending. Spending will serve the supreme interest of all Libyans. It ensures no discrimination. This aligns with efforts to unify executive institutions.
The Ministry of Planning and Finance moved from agreement to implementation. It began necessary actions to activate the agreement’s terms. Expenditure started on the general budget chapters. These include the first, second, third, and fourth chapters. Spending follows the 1/12 rule. It is based on the latest approved budgets. This complies with current financial legislation and laws.
The statement affirmed these steps will ensure regular public spending. They will also guarantee continuous provision of basic services. This is under the Central Bank of Libya’s direct supervision. It contributes to sustainable cash flows. It helps achieve financial discipline.
The government emphasized its full commitment to implement the agreement. It acts with a spirit of national responsibility. It warned against attempts to obstruct implementation. It also warned against circumvention of its content. The government affirmed it will take necessary legal and administrative measures. This protects public funds. It will prevent any excesses or misuse.
The statement concluded by affirming this step. It represents a real start towards comprehensive financial reform. This reform supports economic stability. It enhances citizens’ trust in state institutions.