Legal advisor Hisham Al-Harati spoke exclusively to our source, stating that while the Central Bank of Libya is actively confronting speculation attempts and leading clear monetary reform steps, continued laxity by some public bodies in controlling spending poses a direct threat to the stability of the national economy.
He added: “The Central Bank’s policies cannot succeed amid the ongoing depletion of public funds, unplanned expenditures, and the random financing of obligations that lack productive or regulatory frameworks.“
Al-Harati reminded that: “Violating budget laws and spending outside legal frameworks is not merely “administrative negligence,” but amounts to financial crimes for which officials are held accountable before the judiciary.“
He further emphasized that legislative and executive authorities are required to activate oversight and stop approving irregular expenditures that undermine the effectiveness of monetary policy and increase pressure on the national currency.
He continued: “Institutional solidarity is not a political slogan, but a legal and constitutional obligation imposed by the nature of the current phase and the scale of the risks.“
Obstructing the Central Bank or weakening its corrective measures, he said, constitutes a serious breach of the principle of inter-authority integration in managing public affairs.
He concluded: “The continuation of this course will result in explicit legal consequences for officials across various authorities, and citizens will end up paying the price for an unjustified economic recklessness.“
