Skip to content Skip to Search
Skip navigation

Libyan parliament passes extra $18bn budget funding

Libya budget Reuters/Esam Omran Al-Fetori
A man fills a gas cylinder in a junk shop in Benghazi. The city, base of the eastern parliament led by Osama Hammad, suffered power outages at the end of June
  • Cash fills hole in original Libyan budget
  • Funds designed to drive reconstruction
  • Unclear if central bank will transfer money

Libya’s eastern-based parliament has approved an additional budget of 88 billion dinars ($18.3 billion) to drive reconstruction and achieve economic stability.

The approval was unanimous in a closed session, Reuters reported, citing spokesman Abdullah Belhaiq.

In April, the Benghazi-based government of prime minister Osama Hammad secured an initial budget worth 90 billion Libyan dinars, the Northern African News website said.

Hammad’s government, which took power in March 2023, controls the east and large parts of the southern region of Libya.

The additional budget was allocated to address a deficit in the initial budget, the Reuters report said, quoting House of Representatives member Saltana Al-Mosmari.

House of Representatives member Aisha Tublqi said that the Central Bank of Libya (CBL) will oversee the implementation of the additional budget.

The UN appointed Abdulhamid Al-Dbeibah as the Tripoli-based government’s interim prime minister in 2021.

The CBL is located in Tripoli. However, it is remains unclear whether the CBL governor, Sadiq Kabir, will transfer the budget funds to the Hamad government.

Latest articles

Almost 300,000 European visitors contributed to Oman's hotel revenues growing by more than 10 percent

Oman hotel revenues increase more than 10%

Hotel revenues across Oman were up by more than 10 percent in the first five months of 2024, fuelled by an increasing number of Asian and European visitors to the sultanate. Three-to-five star hotels reported revenues of OR108 million ($281 million) at the end of May, the latest data from the National Centre for Statistics […]

Saudi fishing trawlers

Saudi fishing industry bolstered by support plan

Saudi Arabia’s fishing industry has landed a financial support programme from the government as part of plans to develop and safeguard the sector. Fish production in the kingdom increased 80 percent in 2023 year on year to 214,600 metric tonnes. The goal is to increase that by 7 percent to 230,000 tonnes this year. The […]

A takeaway food stall in Saudi Arabia. While local version of Western soft drinks are increasingly popular, PepsiCo Inc's profits in the region are soaring

PepsiCo growth defies Middle East boycott of Western brands

PepsiCo Inc has reported robust growth in the Middle East, defying the boycotts that have battered other Western brands in the region. The food and beverage giant posted double-digit organic revenue growth in Egypt for the second consecutive quarter, even though it has been the subject of a backlash linked to perceived US support for […]

Ball, Football, Soccer

Qatar’s beIN to pay €100m to broadcast French football games

Qatar broadcaster beIN has agreed to pay €100 million ($109 million) annually for the rights to broadcast one French Ligue 1 football match per week, according to a news report. The sports channel is paying a premium per game as its package includes the most sought-after fixtures, the Financial Times reported, citing informed sources. DAZN, […]