Libya Approves First Unified Budget in Over a Decade

Libya’s two rival legislative bodies have approved the country’s first unified state budget in more than a decade, according to statements from the Central Bank of Libya and reports from multiple publishers.

The oil-producing North African nation has been divided since a 2014 civil war that created separate administrations in the east and west. The last unified national budget was agreed upon in 2013. According to Reuters, the approved budget totals 190 billion Libyan dinars ($29.95 billion), with specific allocations for subsidies, salaries, development projects, family allowances, and operational spending.

The Central Bank of Libya described the approval as a crucial step toward strengthening financial stability and ending years of financial division. The agreement was signed by Essa Aribi from the eastern-based House of Representatives (HoR) and Abduljalel Shawesh from the western High Council of State in Tripoli, where the internationally recognized Government of National Unity is based.

Central bank governor Naji Issa, who supervised the signing ceremony at the bank’s headquarters in Tripoli, stated that this agreement demonstrates Libya's ability to overcome its differences when a unified vision for its future is forged. The budget approval process involved representatives from both legislative chambers working together under the auspices of the central bank.

Osama Hamad, who heads a parallel government allied with the HoR in the east, described the agreement as a cornerstone for launching balanced development programs throughout the country. Meanwhile, Massad Boulos, the U.S. Senior Adviser for Arab and African Affairs, congratulated Libya on signing the agreement after months of U.S. facilitation.