Representatives from the House of Representatives (House) and the High Council of State (HCS) – supported by the Central Bank of Libya (CBL) – signed a unified national budget agreement on 11 April, in an effort to end 13 years of financial division and coordinate development spending.

This accord – mediated by US Senior Adviser for Arab and African Affairs Massad Boulos and actively supported by the CBL – establishes a unified framework for state expenditure across all four budget chapters. The agreement introduces a coordinated financial structure, particularly concerning Chapter Three (Development), which is estimated at approximately LYD 40 billion (~USD 6.3 billion) based on oil price projections. 

CBL Governor Naji Issa claimed that the plan establishes a ‘financial shield’ for the economy by aligning spending with the state’s actual financial capacity. The Governor also noted the specific role played by Belqasim Haftar - the head of Libya’s Reconstruction and Development Fund – in facilitating the signing of the accord. The CBL claimed that the agreement will bolster efforts to stabilise the exchange rate and strengthen the Libyan Dinar by reducing financial distortions and curbing unregulated spending.  

While the agreement marks the first unified spending plan in over 13 years, its success will be contingent on rigorous oversight, sufficient support for marginalised areas, and the prevention of flagrant waste.