TRIPOLI – The Central Bank of Libya (CBL) announced on Saturday that the House of Representatives and the High Council of State have approved the country’s first unified budget in over 13 years.
In an official statement, the Central Bank emphasized that this legislative consensus is a pivotal move toward ending years of financial fragmentation and will significantly bolster national financial stability.
Key Highlights of the Agreement:
- Unified Spending: The CBL welcomed the signing of Annex No. (1) of the Unified Development Agreement, which includes the adoption of general spending schedules for the Libyan state.
- Fiscal Discipline: The agreement marks real progress toward unifying fiscal policy and enhancing discipline in the management of public funds.
- Sustainability: The new financial framework is based on the state’s actual financial capacity, aiming to achieve long-term fiscal sustainability.
- Balanced Development: The budget is designed to establish the foundations for balanced development across all regions of Libya.
“This agreement represents a historic turning point, as it is the first consensus on unified spending across the entire Libyan territory in more than 13 years.” — Central Bank of Libya Statement
This breakthrough is expected to streamline economic governance and provide a clearer roadmap for the country’s recovery after more than a decade of divided financial administrations.
