Abu dhabi: The Governments of the United Arab Emirates, the United States of America, Egypt, France, Germany, Italy, Qatar, Saudi Arabia, Trkiye, and the United Kingdom have released a joint statement welcoming the recent signing of a unified 2026 budget for Libya. This historic budget marks the first Libyan national budget in over a decade and is seen as a crucial step towards enhancing economic coordination between Libya's western and eastern leaders.
According to Emirates News Agency, the unified budget is expected to play a significant role in advancing Libya's financial stability. It aims to defend the value of the dinar and the purchasing power of the Libyan people. Additionally, the budget will facilitate the implementation of development projects and international investment throughout Libya. It will also strengthen key technocratic institutions, such as the Central Bank of Libya, the National Oil Corporation, and the Libyan Audit Bureau.
The statement highlights that the unified budget includes the National Oil Corporation's first operational budget in years, with provisions for increasing energy production. These oversight mechanisms are designed to ensure the effective use of funds. Increased oil and gas production is anticipated to drive greater prosperity for both the Libyan people and their international partners, while also contributing to regional and global energy security.
The governments reaffirmed their support for the United Nations Support Mission in Libya (UNSMIL) and the roadmap developed by UN Special Representative of the Secretary-General Hanna Tetteh. They urged all stakeholders to utilize this roadmap and UNSMIL's facilitation to advance a Libyan-led political process aimed at achieving unified governance and national elections. The statement emphasizes that increased economic integration will bolster the political process, ultimately leading to a strong and prosperous Libya with unified economic, military, and political institutions.