RIYADH: Saudi Arabia and several other countries have welcomed the signing of a unified 2026 budget for Libya, the first Libyan national budget in over a decade.
The signing, on April 11, is a critical step to increase economic coordination between western and eastern Libyan leaders, a joint statement released on Sunday by Saudi Arabia, Qatar, the US, Turkiye, the UAE, the UK, Egypt, France, Germany, and Italy said.
“We applaud their constructive approach to reach this agreement, which has the potential to foster increased unity, stability, and prosperity for Libya,” the countries said.
“Full implementation of the unified budget will help advance Libya’s financial stability, defend the value of the dinar and the Libyan people’s purchasing power, enable the implementation of development projects and international investment across Libya, and strengthen Libya’s vital technocratic institutions, including the Central Bank of Libya, National Oil Corporation, and Libyan Audit Bureau.
“The unified budget includes the National Oil Corporation’s first operational budget in years and financing to increase energy production, as well as oversight provisions to ensure these funds are used effectively.” they added.
The statement said increased oil and gas production will drive greater prosperity for the Libyan people and their international partners and contribute to regional and global energy security.
They reaffirmed their support for the United Nations Support Mission in Libya and the roadmap developed by UN Special Representative of the Secretary-General Hanna Tetteh.
The countries urged all stakeholders to use this roadmap and UNSMIL facilitation to advance a Libyan-led political process leading to unified governance and national elections.
“Increased economic integration will complement and strengthen the political process. A strong and prosperous Libya with unified economic, military, and political institutions is in all of our interests,” they said.
