Saturday, May 31, 2025
LibyaReview
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
LibyaReview
No Result
View All Result
Home Libya

Libyan Government Approves Plan to Lift Fuel Subsidies

December 26, 2024
Libyan Government Approves Plan to Lift Fuel Subsidies

Libyan Government Approves Plan to Lift Fuel Subsidies

Share on FacebookShare on Twitter

The Libyan government, appointed by the House of Representatives and led by Prime Minister Osama Hammad, has officially approved a proposal to remove subsidies on fuel and petroleum products.

The announcement, made on Wednesday, includes plans to develop a mechanism for implementing the decision, which is expected to significantly impact the country’s economic framework.

In a meeting with officials from the Central Bank of Libya, the government also confirmed its commitment to enforcing Law No. 18 of 2023, which was issued by the House of Representatives to regulate public sector salaries. This move is seen as a step toward addressing long-standing salary disparities and improving financial transparency in the public sector.

They also agreed to incorporate revenues from the Libyan Investment Authority’s foreign assets into the national budget.

This initiative aims to broaden the country’s funding sources and enhance financial stability.

The meeting also focused on drafting a unified national budget for Libya. Agreements were reached on several sections of the proposed budget, including expenditure on wages and essential services, while discussions on development projects and other items were postponed for further review.

The decision to lift fuel subsidies marks a significant shift in policy, aiming to reduce financial waste and redirect resources toward national priorities. However, the move is expected to spark debate, with concerns about its potential impact on vulnerable citizens amid ongoing economic difficulties.

This move represents a broader effort to stabilize Libya’s finances and align its economic policies with long-term developmental goals.

Tags: FuellibyaOsama HammadPrime Minister
Next Post
Oil Prices to Fall as Libya Resumes Full Production

Libyan Parliament Commends Army’s Role in Stabilising Oil Production

POPULAR CATEGORIES

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

MUST READ

Will Russia Attack Europe Through Libya?

Syria to Resume Flights & Reopen Embassy in Libya

12 Sudanese Nationals Die in Libyan Desert Accident

UN Extends Libya Arms Embargo Ship Inspection Mandate

Libya Joins UN Anti-Crime Meeting in Vienna

Libya’s Eastern Government Considers Force Majeure On Oil Ports

EDITOR PICKS

Haftar Attends Benghazi University Ceremony

UN Extends Libya Arms Embargo Ship Inspection Mandate

Libya Invests in Afreximbank to Support Reconstruction

Libya Joins UN Anti-Crime Meeting in Vienna

Benghazi University Hosts Free Screenings for Blood Pressure Day

UNHCR Warns of Sharp Rise in Sudanese Refugees in Libya

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR

No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR