BENGHAZI: Libya’s eastern-based parliament voted on Tuesday to approve a budget for its development and reconstruction fund, a parliament spokesperson and member said, although it is unclear if the money will be forthcoming given the country’s divisions.
The budget of 69 billion Libyan dinar ($12.71 billion) will be spread equally over three years, lawmaker Tarek Jroushi told Reuters, adding that the funds will be overseen by the parliament.
Parliament spokesperson Abdullah Blheg earlier announced the approval of the budget in a post on X, without disclosing the budget amount.
The fund, established in February last year by the eastern-based House of Representatives, has independent financial status, according to the parliament gazette.
However it is unclear if the governor of the Tripoli-based Central Bank of Libya, Naji Issa, will hand over the money for the fund. The central bank, based in Tripoli, is the only internationally recognized depository for Libyan oil revenues, the country’s vital economic income.
The eastern development fund is headed by Belgasem Haftar, a son of military commander Khalifa Haftar.
The Benghazi-based government of Osama Hamad is allied to Haftar, who controls the east and large parts of the southern region of Libya.
The north African country’s separate Tripoli-based Government of National Unity is headed by interim Prime Minister Abdulhamid Al-Dbeibah, who was installed through a UN-backed process in 2021.
Libya’s eastern-based parliament passed budget for its development fund
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Libya’s eastern-based parliament passed budget for its development fund
- The budget of $12.71 billion will be spread equally over three years
