Libyan MPs Demand Emergency Session on Dinar Devaluation Decision

Sixty-nine Libyan MPs have requested an emergency session to discuss the Central Bank’s dinar devaluation. They call for key officials to address financial data indicating a large budget deficit and excessive government spending. The decision to devalue the dinar comes after significant expenditure led to a demand for substantial foreign currency.

In light of recent economic challenges, sixty-nine members of Libya’s House of Representatives have requested an emergency parliamentary session on Tuesday and Wednesday. The focus of this session is to address the Central Bank’s recent decision to devalue the Libyan dinar.

The MPs have called for the presence of key officials, including the Central Bank Governor, his deputy, and representatives from the Audit Bureau, the National Oil Corporation, and the Administrative Control Authority. The aim is to evaluate troubling financial statistics such as a notable budget deficit and the drastic increase in government expenditures beyond the sanctioned budget framework.

The Central Bank’s decision to devalue the dinar against the dollar follows alarming reports indicating that the two governmental administrations have spent approximately 224 billion Libyan dinars over the past year, leading to a demand for $36 billion in foreign currency to manage the financial crisis.

The urgent call for an emergency parliamentary session highlights serious financial concerns in Libya, driven by significant government spending and a substantial budget deficit. The involvement of key financial authorities aims to address the critical situation arising from the recent dinar devaluation, illustrating the need for coordinated efforts to rectify financial instability.

Original Source: libyaobserver.ly