TRIPOLI, April 11 (Xinhua) -- Governor of the Central Bank of Libya Naji Issa announced Saturday an agreement between the eastern-based House of Representatives and the Tripoli-based High Council of State on unifying public spending in the country through the adoption of a unified budget.
According to local media, the central bank welcomed the signing of the agreement, describing it as a "unified development" agreement. In a statement, the bank noted that it includes the adoption of general spending schedules for the Libyan state, encompassing all four budget categories.
The statement said the agreement represents a pivotal moment, being the first consensus on unified spending in over 13 years. A financial framework based on the state's actual financial capacity has been adopted, ensuring financial sustainability and balanced development across all regions.
According to Reuters, the unified budget nears 190 billion Libyan dinars (about 30 billion U.S. dollars).
Since the 2011 fall of Muammar Gaddafi, Libya has been split between the UN-recognized Government of National Unity in Tripoli and the eastern administration backed by the Libyan National Army. The Libyan High National Elections Commission said late last year that presidential elections are scheduled for April 2026. ■