Libya Unites: Historic Approval of Unified State Budget

Libya's two rival legislative bodies have approved the country's first unified state budget since 2013. The move is seen as a key step toward financial stability and ending the nation's long-standing division. Central bank Governor Naji Issa hailed the agreement as a demonstration of Libya's potential for unity.

Libya has taken a significant step toward financial stability as its rival legislative bodies have approved the country's first unified state budget in over a decade, the central bank announced on Saturday.

The North African nation, rich in oil resources, has been embroiled in division since a 2014 civil war led to the formation of two separate administrations. With the approval of this budget, Libya edges closer to ending its financial fragmentation, last unified in 2013.

The agreement was signed by representatives from the eastern-based House of Representatives and the western High Council of State, signifying a noteworthy move towards unity. Central bank Governor Naji Issa emphasized the significance of this development, expressing optimism about the country's ability to forge a unified future.

(With inputs from agencies.)