The United States and several global powers have expressed approval for Libya’s recent agreement on a unified national budget for 2026. This move is seen as a significant step towards enhancing economic coordination, stability, and long-term political unity in the conflict-ridden nation. The joint statement, issued by Washington and nine other governments including Egypt, France, Germany, Italy, Qatar, Saudi Arabia, Türkiye, the United Arab Emirates, and the United Kingdom, commended the signing of the unified budget on April 11, marking Libya’s first national budget in over ten years.
The signatories hailed this development as a breakthrough that could potentially bridge the gap between the rival authorities in eastern and western Libya. They praised the constructive efforts that led to this agreement, highlighting its potential to promote increased unity, stability, and prosperity within Libya. The unified budget is expected to play a crucial role in stabilizing the fragile economy of Libya, with full implementation aimed at advancing financial stability, safeguarding the value of the dinar, and enhancing the purchasing power of the Libyan people.
Furthermore, the agreement is anticipated to facilitate the execution of development projects and attract international investments across Libya. It is also set to strengthen key state institutions such as the Central Bank of Libya, the National Oil Corporation, and the Libyan Audit Bureau. Energy production remains a focal point in Libya’s recovery efforts, with the budget encompassing the National Oil Corporation’s operational budget and provisions for increasing energy production while ensuring effective fund utilization.
The statement stressed the broader implications of boosting Libya’s oil and gas output, emphasizing that this would not only benefit the Libyan populace and international partners but also contribute to regional and global energy security. In addition to economic measures, the joint statement highlighted the importance of a parallel political process, reiterating support for the United Nations Support Mission in Libya and endorsing its roadmap for the nation’s progress towards elections and unified governance.
