Sixty-nine members of Libya’s House of Representatives have called for an emergency session regarding the Central Bank’s decision to devalue the Libyan dinar. They seek discussions with key financial officials about alarming financial data, including a significant budget deficit and increased government spending. The dinar devaluation was a response to excessive government expenditures necessitating a high demand for foreign currency.
The call for an emergency session by sixty-nine members of Libya’s House of Representatives underscores the urgency surrounding the recent decision by the Central Bank to devalue the Libyan dinar. Scheduled for Tuesday and Wednesday, this session aims to evaluate critical financial issues, particularly the alarming budget deficit and significant increases in government spending that exceed the approved budget framework.
The MPs have urged the House leadership to bring in key figures for this discussion, specifically the Central Bank Governor and his deputy, along with representatives from the Audit Bureau, the National Oil Corporation, and the Administrative Control Authority. This gathering seeks to address the pressing financial data pertaining to Libya’s economic situation.
The Central Bank’s recent move to devalue the dinar against the dollar was primarily a response to the reported governmental expenditures, which amounted to approximately 224 billion Libyan dinars within a year. This substantial spending has escalated the demand for $36 billion in foreign currency, highlighting the critical nature of the current economic challenges that Libya faces.
In conclusion, the emergency session convened by the House of Representatives reflects the urgent need to discuss the financial implications of the dinar’s devaluation. It emphasizes the necessity to address the budget deficit and the excessive government spending that jeopardizes Libya’s economic stability. Engaging key financial figures will be essential for a comprehensive understanding of the situation and for future financial governance.
Original Source: libyaobserver.ly
