Tripoli:
Libya has approved its first unified state budget in more than 13 years, the Central Bank of Libya said on Saturday.
In a statement, the Central Bank said the approval by the House of Representatives and the High Council of State is expected to strengthen financial stability and advance efforts to unify the country's fiscal framework.
The bank also welcomed the signing of Annex No. (1) to the Unified Development Agreement, which includes the adoption of general spending schedules for the state, describing it as tangible progress toward fiscal unification and improved public spending discipline.
It added that the agreement represents a pivotal milestone, marking the first consensus on unified public spending across Libya in over a decade, based on a framework aligned with the country's actual financial capacity and the requirements of fiscal sustainability.
The Central Bank said the move would support efforts to enhance exchange rate stability and strengthen the Libyan dinar by curbing excessive public spending and reducing financial distortions, with positive implications for key macroeconomic indicators.
