Central Bank of Libya agrees to give Presidential Council 7 billion euros for local expenditure

Central Bank of Libya
Central Bank of Libya

The Presidential Council (PC) of the UN-brokered Government of National Accord (GNA) has secured a deal with the Central Bank of Libya that will see an agreement by the CBL to give the PC budget money for state expenditure.

The agreement that followed the Two-day international meeting on Libya’s economy in London allows 7 billion euros for the PC headed by Fayez Al-Serraj in order to provide for the basic needs for the Libyan citizens.

In London on Monday and Tuesday, the PC and the CBL agreed in the presence of US, UK, Italian and other top officials and ministers on an agreeable mechanism between them for better implementation of economic policies.

On November 17, there will be another meeting in which the agreement between the CBL and PC will further materialize.

The Italian Foreign Minister, Paolo Gentiloni who was present in the London meeting, said the agreement is the first step toward establishing economic stability and forming new programs that will help develop security and public services in Libya.

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