Libya has officially approved its first unified national budget in more than 13 years, marking a significant step toward financial stability and institutional cohesion after years of division.
The Central Bank of Libya announced that the budget was endorsed by both the House of Representatives and the High Council of State, representing a rare agreement between Libya’s rival legislative bodies. The decision is widely viewed as a breakthrough in efforts to unify the country’s financial system and improve economic governance.
For more than a decade, Libya has operated under parallel financial structures, with competing authorities in the east and west managing separate budgets and expenditure systems. This division has contributed to inefficiencies, lack of transparency, and ongoing economic challenges, including disputes over public spending and revenue distribution.
Central Bank Governor Naji Issa, who oversaw the signing process in Tripoli, described the agreement as a clear indication that Libya can overcome political differences when there is a shared commitment to national priorities. He emphasized that the unified budget would help strengthen financial discipline and enhance coordination between state institutions.
The agreement was signed by representatives from both legislative bodies, reflecting a coordinated effort to bridge longstanding political divides. Observers say the move could serve as a foundation for broader institutional unification, including reforms aimed at improving fiscal oversight and ensuring more balanced allocation of resources across the country.
Libya’s economy has faced persistent challenges in recent years, including inflation, currency pressures, and disruptions in public spending. Oil and gas revenues remain the primary source of income, making effective financial management critical to economic stability.
