Sabha:The Speaker of the House of Representatives, Al-Salihin Abdul-Nabi, has called for the development of an urgent economic plan along with the preparation of a unified budget for the upcoming year. This initiative aims to address the current economic crisis and reduce the cost-of-living pressures faced by citizens.
According to Libyan News Agency, Abdul-Nabi urged the House's specialized committees to quickly assess the nation's essential goods and supplies needs. He announced that Libyan experts from finance, economics, oil, and banking sectors are scheduled to convene at the House's headquarters in Benghazi on November 4 to discuss proposals for immediate and long-term economic reforms.
During a session held in Sabha, Abdul-Nabi highlighted the need for comprehensive data on essential national requirements, including medicines, food supplies, animal feed, industrial inputs, and fuel. While the Energy Committee has already submitted its fuel assessment, other committees had not yet provided their data at the time of the session.
Abdul-Nabi stressed the importance of finalizing a unified budget by year-end, enabling its implementation at the start of the new year. He emphasized controlling public expenditure, particularly salary allocations, and reviewing subsidy expenditures to ensure they meet the country's actual needs.
He also proposed the creation of an "import budget" to guide Libya's foreign goods and materials procurement, aligning import operations with national priorities. He underscored the need for collaboration between parliamentary committees and experts to address economic challenges, focusing on the public interest amid rising exchange rates and living costs.