Libyan National Budget unified for the first time in 6 years

UNSMIL announced that a unified 2-month budget was approved by the Council of Minister, making it the first time since 2014 that Libya's national budget is unified

To give a chance to the new executive authority to decide on a budget for the rest of the year, the new budget will only be 2 months long.[Photo: AP]
The United Nations Support Mision in Libya (UNSMIL) announced this week that the Council of Ministers approved a two-month interim budget for 2021. This is the first time since 2014 that Libya has a unified national budget.

In a press release, UNSMIL stated that the agreement was reached through the efforts of the United Nations working with the support of international financial institutions and the Economic Working Group of the Berlin Process. Together they brought relevant parties from both sides of the country to work out an agreement.

To allow the newly elected executive authority in Libya to decide on a full budget for 2021, it was agreed that the budget will only be two months long.

This is the second major economic decision taken this February as it follows the Board of Directors of the Central Bank of Libya (CBL) decision to allocate a no-interest loan to Libyan commercial banks to reduce the backlog in uncleared cheques.

This decision will help reduce the pressure on the Libyan banking system still struggling to overcome the country’s most crippling financial crisis in years.

UNSMIL noted that these two major economical reforms in addition to the recent unification of the exchange rate of the national currency, the reactivation of the CBL Board and progress made in the financial review of the CBL and the Libyan Investment Authority are all vital components of reforms needed to regularize the management of Libyan oil revenue.

It concluded by stating that it hopes with the newly elected unified executive authority committed to working for the country’s best interest, Libya would soon be able to move closer to equitable management of its oil resources for the benefit of all Libyan people.

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