Central Bank welcomes unified development agreement

The Central Bank of Libya has welcomed the signing of a unified development programme agreement between the House of Representatives and the High Council of State, describing it as a “significant national step” towards strengthening financial stability and aligning development efforts across the country.

In a statement, the Bank said the agreement reflects a shared sense of responsibility and reinforces the principles of transparency and good governance. It noted that the unified framework will help streamline public spending, ensure clearer oversight of development projects, and support more efficient allocation of resources.

According to the Bank, directing funds towards productive investment—particularly in sectors such as infrastructure, education and healthcare—will have a positive impact on the wider economy, stimulate growth, and improve living conditions. It added that the initiative is expected to promote economic stability and support fair distribution of resources, helping to achieve long-term sustainable development.

The Central Bank described the move as both “proactive and necessary” to shield the national economy from deeper challenges previously highlighted by its Board of Directors.

The institution also welcomed the provisions included in the agreement and reaffirmed its readiness to carry out its assigned responsibilities in line with existing legislation.

The Bank reiterated its commitment to working cooperatively with all national stakeholders to ensure the successful implementation of the agreement and to deliver its intended benefits for the country and its citizens.