The Professor of Economics at Benghazi University, Ali Al-Sharif, stated: “Against the backdrop of the accelerating urban revival witnessed in the eastern and southern regions of the country, the agreement between the House of Representatives and the High Council of State constitutes a pivotal step towards unifying the state’s financial vision.”
He added: “This agreement established a basis for adopting a unified development budget that the Central Bank of Libya can deal with without objection from any executive body, making it a practical prelude to ending the state of financial duality.”
He further said: “With the approval of a unified expenditure mechanism, the allocation of resources towards development projects covering various regions of Libya becomes more regular, which enhances the sustainability of development programs.”
Al-Sharif continued by saying: “The agreement also paves the way for unifying the remaining financial items, contributing to the restoration of the state’s financial discipline, reducing duplication in spending, and raising the efficiency of public expenditure. Thus, it constitutes a practical step in regulating the funding paths for development projects, especially in light of repeated warnings about potential risks that may face the macroeconomy. God willing, this agreement will be a good start for reaching an agreement on a unified government that resolves all economic problems in cooperation with the Central Bank.”
