Libyan parliament approves additional government budget amid economic difficulties


(MENAFN) On Wednesday, the Libyan parliament unanimously approved an additional government budget amounting to 88 billion Libyan dinars (USD18.3 billion) for the remainder of the current year. This decision followed an earlier approval of a 90 billion Libyan dinar budget at the end of April, highlighting ongoing financial adjustments amidst economic challenges in the country.

Abdullah Balihaq, spokesman for the Libyan parliament, confirmed the unanimous approval during a closed session. According to Member of Parliament Sultana Al-Masmari, the decision to allocate additional funds stemmed from a recognized deficit in the initially approved budget. Al-Masmari noted that consultations with various sectors and municipalities revealed that the initial budget was insufficient to meet essential financial obligations across Libyan territories.

"The budget will be allocated across all Libyan regions to support government operations," added Al-Masmari, emphasizing the budget's broad application and significance for national governance.

Aisha Tolbaki, another member of parliament, underscored that the implementation of the additional budget would be managed by the Central Bank of Libya. As the sole internationally recognized entity to handle Libya's oil revenues, which constitute a vital lifeline for the nation's economy, the Central Bank plays a critical role in managing financial resources and ensuring their equitable distribution.

The approval of this supplementary budget reflects Libya's ongoing efforts to stabilize its economy amidst political and security challenges. By addressing fiscal shortfalls and bolstering financial resources, the government aims to support essential services, infrastructure development, and public welfare initiatives across the country. 

MENAFN11072024000045015682ID1108431174


MENAFN

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.