Libyan Budget Released

News

Libya Approves $34 Billion Budget for 2019 Following Months of Conflict.

 The Libyan government, backed by the United Nations, said on Monday it had agreed with the central bank on a budget of 201.8 billion dinars ($33.83 billion) for months. 

The “financial arrangements”, as the budget is officially called, involve a comparison with the previous year’s budget of 42 billion dinars.

Libya lacks a budget in the real sense in the shadow of a power split between the UN-backed Tripoli government and a parallel administration allied to the internationally recognised parliament in the east, in a tug-of-war since the ouster of Muammar Gaddafi in 2011.

The central bank agreed with the tacit approval of the authorities in the east by Western powers and international institutions – on a budget that mainly covers public sector salaries and fuel subsidies for the entire country.

The Tripoli government and the central bank has been debating how to use a 183 percent fee to be imposed on hard currency transactions since the fall.

The fees are designed to bridge the gap between the official exchange rate and the black-market price by moving the official price to 3.9 dinars per dollar. The price was 1.4 dinars before that.

The price on the black market has since fallen to around 4.1 dinars to the dollar from six dinars.

“After extensive discussion, the total value of the financial arrangements, which reached 46.8 billion dinars, was agreed upon,” the government said in a brief statement.

News & Updates

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