📈 Fed's first cut since 2020: Time to buy the dip? See Tech-focused stock picksUnlock AI Picks

Libya's High State Council rejects Parliament budget

Published 07/11/2024, 07:13 AM
Updated 07/11/2024, 07:16 AM
© Reuters. File photo: A man counts Libyan dinars at a currency exchange office in Tripoli April 24, 2016. REUTERS/Ismail Zitouny/File photo

TRIPOLI (Reuters) - Libya's Tripoli-based High State Council (HSC) on Thursday rejected a budget approved by the eastern-based parliament, warning of more partition and wasting of public money.

The rejection came in a letter from Council head Mohamed Takala to the House of Representatives speaker Aguila Saleh in Benghazi. It was sent by the Council media office to journalists.

The House approved the budget in two different sessions, one at the end of April worth 90 billion Libyan dinars ($18.5 billion) and another one on Wednesday called it an additional budget of 88 billion Libyan dinars.

The budget is for the Benghazi-based government of Osama Hamad, who came to power in March 2023 and is allied with the military commander Khalifa Haftar, who controls the east and large parts of the southern region of Libya.

The Council warned of what it described as "the House of representatives' persistence in its transgressions and managing public affairs by its sole will will only lead to more division".

A budget of about 179 billion Libyan dinars "is an unprecedented amount of money," the Council said.

Libya has had little peace since the 2011 NATO-backed uprising against Muammar Gaddafi and it split in 2014 between warring eastern and western factions.

In Tripoli, there is the Government of National Unity headed by interim Prime Minister Abdulhamid al-Dbeibah, who was installed through a U.N.-backed process in 2021.

The House of Representatives was elected in 2014, while the High State Council was formed as part of a 2015 political agreement and drawn from a parliament elected in 2012.

The Council, a consultative body, has a say in major political matters under the terms of 2015 political agreement.

© Reuters. File photo: A man counts Libyan dinars at a currency exchange office in Tripoli April 24, 2016. REUTERS/Ismail Zitouny/File photo

The Council stressed in the letter "its complete rejection of what was approved in the House of Representatives session... and considers it to have no legal effect."

It also has called on all relevant parties "to challenge any laws issued by the House of Representatives in violation".

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.