Government of National Unity’s (GNU) Prime Minister, Abdulhamid Dbaiba, criticized the Governor of the Central Bank of Libya (CBL), Al Siddik Al Kabir, for alleged dishonesty and corrupt practices, amid growing scrutiny over the government’s financial management.
Dbaiba outlined his government “only” spent $15 billion over three years towards critical infrastructure, including road construction, educational and healthcare facility upgrades, and water supply projects.
Contradicting claims of fiscal imprudence, he announced plans for a Ministry of Finance seminar to transparently present the government’s financial activities, refuting allegations of excessive expenditure.
Significant allocations under his leadership include $7.8 billion to the oil sector for debt settlements, $1.8 billion to enhance the electricity grid, and nearly $2 billion for pharmaceutical supplies across Libyan hospitals.
In a bid to curb illicit financial outflows, Dbaiba expressed willingness to collaborate closely with the Central Bank, dismissing rumors questioning Libya’s financial solvency as unfounded attempts to hinder developmental progress.
Highlighting the Central Bank’s role in facilitating over $55 billion in transactions with commercial banks, he noted an increase in foreign reserves’ use, urging a thorough examination of documentary credit usage to address discrepancies.
Dbaiba emphasized the need for the Central Bank to clarify expenditure paths, affirming the careful use of state foreign currency revenues, with only 19.9% or $15 billion expended, demonstrating a commitment to fiscal prudence and transparency.
