Saudi Arabia and Global Powers Applaud Libya's Historic Unified Budget Agreement
Saudi Arabia, along with a coalition of influential nations, has officially welcomed the signing of Libya's unified 2026 national budget. This landmark agreement, inked on April 11, represents the first consolidated budget for Libya in more than ten years, marking a pivotal moment in the country's efforts to overcome years of division and conflict.
A Critical Step Toward Economic Coordination
In a joint statement released on Sunday, Saudi Arabia, Qatar, the United States, Turkiye, the United Arab Emirates, the United Kingdom, Egypt, France, Germany, and Italy emphasized that this budget is a crucial mechanism to enhance economic coordination between western and eastern Libyan leaders. The nations collectively praised the constructive approach that led to this breakthrough, highlighting its potential to foster increased unity, stability, and prosperity for the Libyan people.
The statement underscored that full implementation of the unified budget will be instrumental in advancing Libya's financial stability. Key benefits include defending the value of the Libyan dinar, safeguarding the purchasing power of citizens, enabling the execution of development projects, and facilitating international investment across the nation. Additionally, it aims to strengthen vital technocratic institutions such as the Central Bank of Libya, the National Oil Corporation, and the Libyan Audit Bureau.
Boosting Energy Production and Oversight
The unified budget incorporates the National Oil Corporation's first operational budget in years, along with financing specifically allocated to increase energy production. Importantly, the agreement includes oversight provisions designed to ensure these funds are utilized effectively and transparently. The coalition noted that heightened oil and gas production will not only drive greater prosperity for Libyans but also contribute to regional and global energy security, benefiting international partners.
Support for UN-Led Political Process
The countries reaffirmed their steadfast 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 leverage this roadmap and UNSMIL's facilitation to advance a Libyan-led political process. This process is envisioned to lead to unified governance and the eventual holding of national elections, which are seen as essential for long-term peace and stability.
The statement concluded by emphasizing that increased economic integration will complement and strengthen the political process. A strong and prosperous Libya, with unified economic, military, and political institutions, is firmly in the interests of all parties involved, according to the coalition. This unified budget agreement is thus viewed not only as an economic milestone but as a foundational step toward broader national reconciliation and development.
