Nations Welcome Libya Budget Deal

TDT | Manama

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Nations Welcome Libya Budget Deal Saudi Arabia and several other countries have welcomed Libya’s signing of a unified 2026 national budget, marking the first consolidated financial plan in over a decade and a significant step toward bridging divisions between eastern and western authorities.

The agreement, signed on April 11, is seen as a key milestone in strengthening economic coordination and restoring unified financial governance in the country.

In a joint statement, Saudi Arabia, Qatar, the United States, Türkiye, the UAE, the United Kingdom, Egypt, France, Germany, and Italy praised the move, calling it a constructive effort that could enhance unity, stability, and long-term prosperity for Libya.

The countries stressed that full implementation of the budget would be critical in stabilising Libya’s economy, protecting the value of the Libyan dinar, and improving citizens’ purchasing power. It is also expected to support development projects, attract international investment, and strengthen key institutions such as the Central Bank of Libya, the National Oil Corporation, and the Libyan Audit Bureau.

A major feature of the budget is the inclusion of the National Oil Corporation’s first operational funding in years, along with allocations aimed at boosting energy production under enhanced oversight mechanisms.

The statement highlighted that increased oil and gas output would not only support Libya’s economic recovery but also contribute to regional and global energy stability.