Central Bank & State Council discuss ramifications of HoR parallel government budget

The President of the High Council of State (HCS), Mohammed Takala, met with the Governor of the Central Bank of Libya, Al-Sadiq Al-Kabir, to discuss the draft regulation concerning the general budget which was cleared by the House of Representatives (HoR) for the parallel government, and is expected to have a significant impact on the financial arrangements led by the High Financial Committee. Takala expressed his support for all efforts aimed at achieving financial stability at the state level, emphasizing the importance of achieving high rates of transparency.

The High Financial Committee had previously announced that it had agreed on its internal regulation and began actual communication and coordination with ministries and public authorities. It completed organizing spending aspects for the general budget and will be disbursed during the coming period.

Disagreements within the High Financial Committee appeared to the surface recently when 4 members announced their non-participation in the Committee’s statement which was issued on August 30th. The members claimed that the Committee had not decided yet on a mechanism for distributing government spending and that subcommittees were still in discussions.

The HoR announced on Tuesday that it had approved the budget bill submitted by the parallel government headed by Osama Hammad. According to sources, the budget submitted was 89 billion dinars. The HoR claimed that the approval of the budget submitted by Osama Hammad is relevant to the unification of the Central Bank. In a brief statement, the HoR warned the High Financial Committee that it would consider any spending outside this budget a violation of the state’s financial laws.


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