المملكة: The Kingdom and 9 countries welcome the signing of the first unified national budget for Libya in years

It is the first Libyan national budget in more than a decade and represents an essential step to strengthen economic coordination between Libyan leaders in the West and the East.

The first unified national budget for Libya

The countries praised the constructive approach in reaching this agreement, which would consolidate unity, stability and prosperity in Libya.

‏The countries stressed that the full implementation of the unified budget will help enhance the financial stability of Libya, preserve the value of the dinar and the purchasing power of the Libyan people, enable the implementation of development projects and international investments throughout the country, and strengthen the vital technocratic institutions in Libya, including the Central Bank of Libya, the National Oil Corporation, and the Audit Bureau.

The countries indicated that the unified budget includes the first operational budget. The National Oil Corporation has for years provided funding aimed at increasing energy production, as well as oversight provisions to ensure the effective use of these funds. Increasing oil and gas production will increase the prosperity of the Libyan people and their international partners and will contribute to supporting energy security at the regional and global levels. ‏

Unified Governance Institutions

The countries reaffirmed their support for the United Nations Support Mission in Libya and the roadmap prepared by the Special Representative of the Secretary-General of the United Nations, Hannah Tetteh.

The countries urged all concerned parties to benefit from this roadmap and the mediation undertaken by the mission, to advance a Libyan-led political process that leads to unified governance institutions and the holding of national elections.
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Economic integration will also strengthen and complement the political process, and it is in everyone’s interest for Libya to be strong, prosperous, and with unified economic, military, and political institutions.