The Head of the Accounting Department at the Libyan Academy, Abubakr Abu al-Qasim, wrote exclusively: The development spending agreement is a step we value — but…
He continued:
“After numerous appeals from experts, international organizations, and the Central Bank for the need to agree on clear and unified spending mechanisms to put an end to the reckless and uncontrolled expenditure under political division, today we welcomed the Central Bank’s success in signing what is called the ‘Unified Development Spending’ agreement.
Regardless of the parties who signed it, their legal positions, and their ability to compel the executive authorities to adhere to the agreement, it is a step we cautiously appreciate as a beginning toward correcting a path that requires additional mechanisms we believe are essential for the success of this agreement. The most important of these are:
- The need to agree on a single budget for 2026 that includes all development spending items in full detail and with a clear timeline.
- A disciplined medium-term development plan covering at least three years, agreed upon by all parties.
- Setting spending ceilings within the development plan in line with expected revenues. And even if the plan exceeds these ceilings, there must be a clear financing plan to cover any excess beyond projected revenues.”
