MPs Urge Emergency Session on Dinar Devaluation in Libya

Sixty-nine members of Libya’s House of Representatives have called for an emergency session to discuss the Central Bank’s decision to devalue the dinar. They seek to convene key financial officials to address concerning fiscal data, including a significant budget deficit and increased government spending. The devaluation aims to address these financial deficiencies after extensive expenditure by the government.

A significant number of lawmakers in Libya, specifically sixty-nine members of the House of Representatives, have urged the leadership to convene an emergency meeting on Tuesday and Wednesday. The primary agenda for this session is to address the Central Bank’s recent decision to devalue the Libyan dinar.

The representatives have requested that the House leadership invites various key officials, including the Governor of the Central Bank, his deputy, and representatives from the Audit Bureau, the National Oil Corporation, and the Administrative Control Authority. This assembly aims to discuss concerning financial statistics, such as the notable budget shortfall and the dramatic rise in government expenditures beyond the sanctioned budget framework.

Recently, the Central Bank revealed its decision to devalue the dinar against the U.S. dollar in an attempt to mitigate the financial deficit. This adjustment follows alarming reports indicating that the two governments collectively allocated around 224 billion Libyan dinars within just one year, leading to a demand for $36 billion in foreign currency to sustain operations.

In conclusion, the call for an emergency parliamentary session highlights the urgent need to address Libya’s economic challenges stemming from the significant devaluation of the dinar. The involvement of key financial authorities and the focus on budgetary issues signal a crucial step towards seeking accountability and fiscal clarity in the government’s financial practices.

Original Source: libyaobserver.ly