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🛒 تسوق الآنCentral Bank of Libya Officially Launches Unified Financial Agreement
Central Bank of Libya Officially Launches Unified Financial Agreement
The Central Bank of Libya has formally launched the implementation of the country’s unified development-oriented financial agreement, marking a pivotal step toward ending years of fiscal fragmentation. The announcement came during a high-level meeting chaired by the bank’s governor and attended by the acting US embassy charge d’affaires, Jeremy Brent, signaling strong international backing for Libya’s economic reform agenda.
Main Facts and Key Details
The unified agreement, reached after seven months of negotiations through the so-called (2+2) committee, establishes a comprehensive framework for managing public spending under a single financial structure. Prime Minister Abdul Hamid Dbeibah outlined the key figures during the second regular cabinet meeting of 2026: a unified wage bill of 73.36 billion Libyan dinars linked to structural reforms, 10 billion dinars for operational expenditure, 44 billion dinars for subsidies, and nearly 40 billion dinars allocated to a development chapter covering electricity, education, and essential services.
The Central Bank confirmed that the meeting focused on implementing Article 8 of the agreement, monitoring public spending alongside oil and non-oil revenues, and establishing the technical arrangements necessary to ensure disciplined disbursement according to agreed mechanisms. All development projects are to be presented in a unified schedule covering every executive body and fund across the country.
Reactions and Context
Prime Minister Dbeibah stressed that the agreement includes an integrated oversight system, beginning with the unification of all revenues into the state treasury account at the Central Bank. He emphasized preventing parallel spending, tightening financial allocations, and requiring implementing entities to submit accurate monthly progress and expenditure reports. A joint committee will be formed to oversee the entire implementation process.
In a significant transparency move, the National Oil Corporation’s operations will be subjected to independent external audits conducted by international firms, with its allocations presented in the form of loan financing. The acting US charge d’affaires presence at the launch meeting underscores Washington’s interest in Libya’s fiscal stabilization and economic recovery efforts.
Challenges and Outlook
The Central Bank has simultaneously intensified its crackdown on unlicensed currency exchange operations, with Governor Naji Issa sending official letters to the Interior Minister and security agency heads demanding the immediate closure of unauthorized exchange shops and the prosecution of currency speculators. The bank warned that speculation on the parallel market and the use of social media platforms and WhatsApp groups to publish unofficial exchange rates constitute electronic crimes that must be combated.
Analysts note that the success of the unified financial agreement depends heavily on effective ground-level implementation, particularly in a country where parallel institutions and armed factions have long undermined centralized fiscal control. The government’s ability to enforce revenue unification, prevent off-budget spending, and bring the informal currency market under regulation will be the true test of whether this agreement can deliver the economic stability Libyans have awaited for over a decade.
The launch represents the most significant attempt at fiscal unification since the 2011 conflict, and its outcome will likely shape Libya’s economic trajectory for years to come.
