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🛒 تسوق الآنPM Dbeibah Reveals Details of Libya Unified Financial Agreement
PM Dbeibah Reveals Details of Libya's Unified Financial Agreement
Prime Minister Abdul Hamid Dbeibah has unveiled the full details of Libya's landmark unified financial agreement, reached after seven months of negotiations through the (2+2) committee. The deal establishes a comprehensive new framework for managing public spending and unifying its mechanisms, aiming to end years of financial fragmentation that have plagued the country's economy.
Main Facts and Key Details
Speaking during the second regular cabinet meeting of 2026, Dbeibah explained that the core of the agreement is based on unifying expenditure chapters within a clear financial structure. The deal includes a single wage bill estimated at 73.36 billion dinars, linked to structural reforms and a unified system to address duplication. Additionally, it sets an operational expenditure chapter of 10 billion dinars and a subsidy chapter amounting to 44 billion dinars.
The development chapter represents the cornerstone of the agreement, with a budget of nearly 40 billion dinars. It incorporates various forms of central spending, including electricity, education, and essential services, with all projects to be presented in a unified schedule covering all executive bodies and funds. The agreement also subjects the National Oil Corporation's operations to independent external audits conducted by international firms, with its allocations presented in the form of loan financing.
The Central Bank of Libya has simultaneously intensified efforts to stabilize the financial landscape. Governor Naji Issa sent official letters to the Minister of Interior, the Head of the Internal Security Agency, the Head of the Criminal Investigation Agency, and the Head of the Municipal Guard, calling for urgent legal measures to shut down all unlicensed currency exchange offices and prosecute speculators operating on the parallel market.
Reactions and Context
The Libyan Investment Authority welcomed a significant development at the international level, as the UN Security Council issued an updated Implementation Assistance Notice on May 1 addressing the misinterpretation of asset freeze resolutions. The revised notice clarifies that the freeze on LIA assets is purely precautionary in nature, intended to protect and preserve their value rather than treat the Authority as an entity subject to sanctions.
Economic analysts view the unified financial agreement as a critical step toward addressing Libya's chronic fiscal fragmentation. The country has long suffered from duplicate spending channels, competing budgets, and a lack of centralized oversight. The agreement's integrated oversight system, which mandates depositing all revenues into the state treasury account at the Central Bank and requiring monthly progress reports from implementing entities, represents a fundamental shift in fiscal governance.
The Central Bank's crackdown on unlicensed exchange offices comes amid growing concern over the dinar's depreciation on the parallel market. The bank warned that speculation through social media platforms, electronic applications, and WhatsApp groups falls under electronic crimes and must be combated.
Challenges and Outlook
The success of the unified financial agreement depends heavily on effective implementation across Libya's divided political and institutional landscape. The country continues to operate with competing centers of power, and ensuring compliance from all executive bodies remains a significant challenge. The formation of a joint oversight committee will be crucial in monitoring progress and addressing obstacles.
Experts caution that while the agreement provides a strong structural framework, its impact on citizens' daily lives will depend on tangible improvements in service delivery, price stabilization, and employment opportunities. Dbeibah announced a package of service and development projects in the municipality of Qasr Al-Akhyar, including infrastructure upgrades, as part of efforts to ensure fair distribution of projects across regions.
The coming months will be decisive in determining whether Libya can translate this ambitious financial framework into real economic stability and improved living standards for its citizens.
