A senior source at the Central Bank of Libya has warned of a looming economic crisis if the House of Representatives fails to grasp the gravity of its decisions regarding control of public spending, and does not respond to the Bank’s “distress call” to rescue the national economy and the value of the currency.
Regarding House Speaker Aqila Saleh’s approval to impose oversight and accountability on the operations of the Libya Development and Reconstruction Fund, the source described this move as “important and positive,” but stressed that it “does not change the overall economic outlook.”
The source, as quoted by Libya Al-Ahrar TV, explained that the Central Bank’s main concern is to regulate public spending within a unified budget, noting that “if a budget is set for the fund, it must be rationalized and fall within a unified, approved, and publicly declared budget framework.”
The House of Representatives had earlier announced its approval to prepare a budget for the Libya Development and Reconstruction Fund and to form a committee to clarify how the budget would be spent across all regions.
