The Central Bank of Libya revealed exclusively to our source the unification of development spending, after its coordination efforts with the House of Representatives and the High Council of State culminated in an agreement on this step.
According to the Central Bank, this move is expected to have positive effects on financial stability and improve the allocation of public resources.The Central Bank welcomed the signing of the agreement on the unified development program between the House of Representatives and the High Council of State, considering it an important national step toward enhancing financial stability and unifying development efforts across all regions of Libya.
The Bank stated: “We affirm our support for the agreement, which reflects the spirit of shared responsibility, strengthens the principles of transparency and governance, and provides a clear framework for unifying spending channels and financing development projects. It will positively impact the economy by directing resources toward productive investments in sectors such as infrastructure, education, and health, thereby promoting economic growth and improving social conditions.”
The Central Bank added: “This measure will contribute to achieving economic stability and ensuring fairness in resource distribution, as well as advancing sustainable development. It is considered a proactive and necessary step to protect the macroeconomy from greater crises previously warned about by the Central Bank’s Board of Directors.”
The Bank continued: “The Central Bank of Libya values the provisions contained in this agreement and confirms its full readiness to implement the tasks entrusted to it in accordance with the applicable legislation. We renew our commitment to working with all national parties in a spirit of cooperation and coordination to ensure the success of this agreement and the achievement of its objectives in service of the nation and citizens.”
