Libya approves first unified budget in more than a decade

"This is a clear declaration that Libya is capable of overcoming its differences when a unified vision for its future is forged, said Governor Naji Issa during a signing ceremony in Tripoli."

"The last time the country operated under a single national budget was in 2013, highlighting the significance of this recent agreement between the eastern-based House of Representatives and the Tripoli-based High Council of State."

"Despite the breakthrough, political divisions remain entrenched, particularly as forces loyal to Khalifa Haftar maintain control over large parts of the country, including key oil-producing regions."

"The timing of the agreement underscores Libya's growing importance in global energy markets, with increased demand for its crude amid disruptions linked to the Israel-US war on Iran."

Libya's legislative bodies have approved a unified state budget for the first time in over a decade, signaling a rare moment of cooperation. The Central Bank of Libya confirmed the endorsement, viewing it as a step towards financial stability. Governor Naji Issa emphasized that the agreement demonstrates Libya's ability to overcome internal divisions. The country has been split since the 2014 civil war, with rival administrations in the east and west. Despite this breakthrough, entrenched political divisions persist, particularly with Khalifa Haftar's forces controlling key regions.

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