Fresh news on business and economy in Latin America
Provided by AGP
Libya Approves First Unified National Budget in Over Ten Years
(MENAFN) Libya took a landmark step toward fiscal unity on Monday, as Prime Minister Abdul Hamid Dbeibah of the Government of National Unity announced the approval of the country's first unified national budget in over a decade — a milestone that signals a fragile but significant breakthrough in the war-torn nation's protracted political divisions.
Dbeibah made the announcement during his address at the second regular cabinet meeting of 2026, convened in Qasr Al-Akhyar municipality, approximately 75 kilometers east of the capital Tripoli. He credited the adoption of the unified budget to the so-called "2+2 agreement" as its foundational framework.
The "2+2 agreement," signed last April, brought together two representatives from the eastern-based House of Representatives and two from the Tripoli-based High Council of State, establishing a framework for unified public expenditure channeled through the Central Bank of Libya. The deal represents the first consensus on consolidated national spending across Libya in more than 13 years.
The budget's figures reflect the scale of the country's financial commitments: 73.36 billion Libyan dinars — equivalent to approximately 11.58 billion U.S. dollars — has been earmarked for salaries, while 10 billion dinars has been allocated for operational expenses and 44 billion dinars set aside for subsidies.
The groundwork for Monday's announcement was laid on April 11, when Central Bank Governor Naji Issa revealed that the House of Representatives and the High Council of State had reached a formal agreement to unify public spending under a single budget.
The development carries deep historical significance. Since the fall of longtime leader Muammar Gaddafi in 2011, Libya has remained fractured between the UN-recognized government in Tripoli and a rival eastern administration backed by the Libyan National Army — a division that has paralyzed state institutions and fragmented the country's finances for over a decade.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
