Libya Approves First Unified Budget in Over a Decade

Libya's Prime Minister Abdul Hamid Dbeibah has announced the approval of a unified national budget, the first in more than 13 years, signaling a rare moment of cooperation between the country's rival legislative bodies.

Historic Agreement

The unified budget was approved based on the "2+2 agreement," a deal signed in April by two representatives from the eastern-based House of Representatives and two from the Tripoli-based High Council of State. This agreement focuses on unified public spending through the Central Bank of Libya.

Budget Allocation

The unified budget allocates 73.36 billion Libyan dinars (approximately 11.58 billion U.S. dollars) for salaries, 10 billion dinars for operational expenses, and 44 billion dinars for subsidies.

Significance of the Agreement

This marks the first consensus on unified national expenditure across Libya in more than 13 years, aiming to end financial division and strengthen economic stability in the country.

Background

Since the 2011 fall of longtime leader Muammar Gaddafi, Libya has been split between the UN-recognized government in Tripoli and the eastern administration backed by the Libyan National Army. The approval of this unified budget represents a significant step toward national reconciliation and economic reform.