Tripoli: The Prime Minister of the Government of National Unity, Abdul Hamid Dabaiba, announced his categorical rejection of any parallel public spending paths outside the legal framework.
According to Libyan News Agency, Dabaiba stated during his meeting with several members of the High Council of State that these practices impose huge financial burdens on the state, which are spent on unrealistic objectives and then reimbursed through public debt. This effectively means deducting money from citizens’ pockets and reducing their income.
Dabaiba called on the Speaker of the House of Representatives to disclose the fate of more than 100 billion dinars spent outside the general budget over the past two years. He stated that this demand stems not only from transparency but also as a direct result of the deterioration in the value of the Libyan dinar caused by this spending and the serious repercussions on citizens’ income and market confidence.
Dabaiba explained that Libyan citizens will not benefit from proje
cts implemented at double the cost of public spending outside the unified financial system, saying, “What is the point of projects if they are implemented at double the cost and deducted from citizens’ pockets through public debt?”
According to Dabaiba, a number of economic experts have warned that the adoption of a parallel budget, despite its legal violation, would directly lead to a rise in the dollar exchange rate on the parallel market, as a result of the loss of financial confidence and increased pressure on reserves. This would negatively impact the stability of the currency and the standard of living of citizens.
At the conclusion of the meeting, Dabaiba emphasized that all institutions bear a national and legal responsibility to stop this financial hemorrhage, defend the unity of public finances, and maintain the stability of the economy and the Libyan dinar.