Libya approves first unified state budget in over a decade

Yesterday 08:30

Libya has taken a significant step toward economic and political unity after its rival legislative bodies approved the country’s first unified state budget in more than a decade.

According to official statements, both the House of Representatives and the High Council of State endorsed the new financial plan, marking a rare moment of consensus in a nation long divided by institutional rivalries.

The Central Bank of Libya indicated that the agreement could play a crucial role in restoring financial stability and improving public spending coordination across the country. For years, competing administrations in eastern and western Libya have operated with separate budgets, complicating governance and economic management.

Libya, one of Africa’s major oil producers, has faced persistent challenges since the political fragmentation that followed years of conflict. The absence of a unified budget has been seen as a key obstacle to rebuilding state institutions and ensuring equitable distribution of oil revenues.

Economic analysts suggest that this development could help restore investor confidence and support broader efforts toward national reconciliation. However, they also caution that sustained cooperation between rival factions will be necessary to fully implement the budget and translate it into tangible improvements for citizens.

The approval of a unified budget is widely viewed as a positive signal for Libya’s future, offering a potential pathway toward greater stability and institutional cohesion after years of division.