Emergency Session Called to Address Libyan Dinar Devaluation

Sixty-nine members of Libya’s House of Representatives are advocating for an emergency session to discuss the Central Bank’s decision to devalue the dinar. They are concerned about financial data indicating a significant budget deficit and excessive government spending. The session aims to involve key financial stakeholders to address these pressing issues.

Ninety representatives from Libya’s House of Representatives have requested an emergency session to be convened on Tuesday and Wednesday to address the recent decision by the Central Bank to devalue the Libyan dinar. These lawmakers are particularly concerned about the implications of this decision on the country’s economy and financial stability.

The MPs have formally urged the leadership of the House to invite the Central Bank Governor and his deputy to the session, alongside representatives from the Audit Bureau, the National Oil Corporation, and the Administrative Control Authority. This gathering aims to review what they describe as “alarming” financial information, including the substantial budget deficit and the noticeable rise in government expenditures that exceed the approved budget limits.

The Central Bank’s recent announcement indicated a devaluation of the dinar against the dollar, a move aimed at offsetting the budget deficit. This decision followed alarming reports which indicated that both governmental entities had collectively spent approximately 224 billion Libyan dinars within a year, an expenditure that has necessitated a demand for $36 billion in foreign currency.

In summary, the call for an emergency session by 69 members of Libya’s House of Representatives reflects serious concerns regarding the Central Bank’s decision to devalue the dinar. The session aims to address critical financial issues, including the significant budget deficit and excessive government spending. This situation underscores the need for thorough discussion and transparency in addressing Libya’s financial challenges.

Original Source: libyaobserver.ly