Libya Unites: Historic Budget Approval Marks Milestone

Libya's rival legislative bodies have approved the first unified state budget since 2013. The $29.95 billion budget aims to strengthen financial stability and end years of division. Key allocations include funds for development projects, salaries, and the National Oil Corporation to boost energy production.

In a significant step toward national unity, Libya's two rival legislative bodies have approved a historic unified state budget for the first time in over a decade, the central bank announced. This $29.95 billion agreement marks a crucial move to end financial division rooted in the 2014 civil conflict.

The central bank's approval aims to strengthen financial stability across the country. 'This is a clear declaration that Libya is capable of overcoming differences when a unified vision for its future is forged,' stated Governor Naji Issa during the signing ceremony in Tripoli.

The budget allocates funds for development projects, with substantial sums dedicated to salaries, operational expenses, and the National Oil Corporation, crucial for increasing oil revenue, which constitutes 95% of Libya's economy. International support has endorsed this move as part of Libya's broader roadmap towards peace and national unification.

(With inputs from agencies.)