Egypt and nine other nations welcome Libya's first national 2026 budget
via Egypt Today2 min read
Egypt, alongside nine other countries including Saudi Arabia, France, Germany, Italy, Qatar, Türkiye, the United Arab Emirates, the United Kingdom, and the United States of America, has welcomed the signing of Libya's unified 2026 budget. This marks Libya's first national budget in over a decade and is seen as a crucial step towards enhancing economic coordination between western and eastern Libyan leaders. The nations lauded the constructive approach taken to reach this agreement, which they believe will foster increased unity, stability, and prosperity for Libya. The statement highlighted that the full implementation of the budget will advance Libya's financial stability, protect the value of the dinar and the purchasing power of the Libyan people, and enable development projects and international investment across Libya. It will also strengthen vital technocratic institutions such as the Central Bank of Libya, National Oil Corporation, and Libyan Audit Bureau. The budget includes the National Oil Corporation's first operational budget in years and funding to boost energy production, with provisions for effective fund utilization. Increased oil and gas production is expected to drive prosperity for Libyans and their international partners, contributing to regional and global energy security. The countries reaffirmed their support for the United Nations Support Mission in Libya UNSMIL and the roadmap developed by UN Special Representative of the Secretary-General Hanna Tettc
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