Tripoli: The head of the Administrative Control Authority, Abdullah Qaderbouh, announced the official completion of the final accounts for the Libyan state for the years 2011-2015. This significant development was disclosed during an expanded meeting in Tripoli, attended by key figures including Omar Tantoush, Chairman of the Finance, Planning, and Public Budget Committee of the House of Representatives, and Abdul Jalil Al-Shawish, Chairman of the Finance Committee of the High Council of State, among others.
According to Libyan News Agency, Qaderbouh highlighted that reports from various committees revealed a notable flaw in the financial system, primarily due to the failure to close final accounts since the last submission to the Audit Bureau in 2007. This shortcoming impacted the assessment of the state’s financial position. Qaderbouh emphasized the Authority’s coordination with the Finance Committees of the House of Representatives and the High Council of State to initiate the National Committee’s work, which has now completed the required task. He acknowledged the absence of a unified fiscal policy and pointed out the ongoing challenges faced by the Central Bank of Libya.
Ali Mansour, head of the National Committee for Monitoring the Closure of Final Accounts, explained that the delay of over fifteen years has adversely affected the economy and the determination of the real exchange rate. The delay weakened accounting and accountability practices, presenting a negative financial image of Libya in reports. Mansour outlined a three-phase approach for the committee’s work, with the first phase covering 2011-2015 now completed in a record time of 75 days. Despite challenges such as the lack of a general budget law and outdated data, the national teams managed to close the accounts for the first phase. The completion of this phase is seen as a crucial step towards reforming the financial system and enhancing transparency and governance of public funds in Libya.
Omar Tantoush, head of the Finance Committee in the House of Representatives, remarked that oversight bodies like the Administrative Control Authority and the Audit Bureau play a crucial role in monitoring plans and preventing deviations. He described the achievement as historic and expressed hope for overcoming future obstacles. Meanwhile, Abdul Jalil Al-Shawish from the High Council of State emphasized that closing the final accounts boosts confidence among international institutions in Libya, noting the importance of unifying public spending amid increased expenditure.