Libya's rival eastern and western legislative chambers approved a unified state budget worth 190 billion Libyan dinars ($38 billion) on Saturday, ending more than a decade of financial division that has plagued the oil-rich North African nation.
The Central Bank of Libya confirmed the historic agreement between the Benghazi-based House of Representatives and Tripoli's High Council of State, institutions that have competed for authority since the 2014 civil war split the country into rival administrations.
This is a clear declaration that Libya is capable of overcoming its differences when a unified vision for its future is forged
Naji Issa, Central Bank Governor โ Al Jazeera
The signing ceremony took place at the central bank's headquarters in Tripoli, where representatives Issa Al-Arebi from the eastern House of Representatives and Abdul Jalil Al-Shawish from the western High Council of State formalized the deal. Libya's last unified national budget was approved in 2013, before the civil war fractured the country's institutions.
Under the agreement, the internationally recognized Government of National Unity in Tripoli will manage salaries, operational spending, and subsidies. A joint committee will oversee development project priorities under central bank supervision. The budget allocates 12 billion dinars specifically to the National Oil Corporation, Libya's state energy company.
Al Jazeera frames the budget agreement as a rare moment of cooperation while emphasizing Libya's continued strategic importance in global energy markets. The outlet contextualizes the development within broader geopolitical tensions, particularly highlighting how Libya's oil exports have gained significance amid Middle Eastern disruptions and the Strait of Hormuz crisis.