US Embassy welcomes signing of unified budget by Libya's two administrations
via Libya Herald5 min read
The US Embassy in Libya has welcomed the signing of a Unified Development Programme Unified Budget by the two politically split Libyan administrations from western and eastern Libya. This marks the first time in over 13 years that a unified national budget has been agreed upon, following months of American mediation. The embassy stated that the involved parties set aside their differences and accepted compromises for the benefit of their country, aiming to defend financial stability, the value of the Libyan dinar, and the purchasing power of the Libyan people. The agreement is also expected to bolster the resilience of the Central Bank of Libya, support development projects nationwide, and ensure funding for the National Oil Corporation to increase energy production and revenues. The United States affirmed its commitment to diplomatic efforts for unity and lasting peace in Libya, supporting efforts to unify economic, military, and political institutions, and preparing for national elections facilitated by the United Nations Support Mission in Libya.
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This summary was AI-generated from a story originally published by Libya Herald.
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