The Financial Transparency Report for 2024 highlights that ongoing internal political divisions continue to hinder the government’s ability to implement regular budgeting processes, negatively impacting financial transparency and government operations. During the reporting period, the Government of National Unity did not publish a proposed executive budget.
According to the report, the Government allocated funds without parliamentary approval, which was granted later, leaving unclear how these funds would be utilized. Additionally, the year-end budget execution report issued by the Government of National Unity was not published.
The report noted that limited information was available to the public regarding debt obligations, including debts of major state-owned enterprises, and there was no public reporting on the financial allocations and revenues from state-owned companies.
It emphasized that military and intelligence budgets did not undergo parliamentary or public oversight and that the Supreme Audit Institution did not meet international standards for independence, remaining politically divided.
The Supreme Audit Institution published an annual report that included results, recommendations, and substantial narratives.
It appears that the government outlined regulations in law, seemingly following established standards and procedures for awarding contracts and licenses for resource extraction. However, these values were generally not granted through competitive and open bidding processes, and information related to natural resource extraction was not publicly accessible. Furthermore, the Libyan Investment Authority lacked a sound legal framework, failing to issue public financial statements or reports on its investment strategy, according to the report.
