Libya Approves First Unified State Budget in Over a Decade

Libya's House of Representatives and High Council of State have approved a unified state budget for the first time in over 13 years. This significant development could bolster financial stability and marks a step toward resolving the nation's longstanding financial divisions between its eastern and western administrations.

Libya's House of Representatives and the High Council of State have reached a historic agreement on a unified state budget, the first in over 13 years, as confirmed by the central bank's statement on Saturday.

The approval of this budget by the two rival legislative bodies represents a crucial step towards financial stability in Libya, which has been fraught with financial divisions for over a decade.

Divided between eastern and western administrations, the country, known for its significant oil production, has struggled to find common financial ground until now.

(With inputs from agencies.)