3 Libyan Institutions Agree to Continue Financial & Monetary Reforms

Central Bank of Libya's Governor Naji Issa, Government of National Unity's Finance Minister Rashid Abu Ghuffa and Audit Bureau's Chief Khaled Shakshak agreed on the need to continue implementing economic reforms aimed at controlling public spending and boosting revenues to support the country’s economic and financial stability.

Issa held a meeting with Shakshak and Abu Ghuffa at his office at the Central Bank of Libya headquarters in Tripoli on Monday to follow up on the implementation of a package of economic reforms related to monetary, fiscal and trade policies, as part of efforts to strengthen coordination and integration among state institutions, according to a statement published by the Central Bank on Facebook.

The Central Bank said the meeting addressed several priority issues, including the unified salary scale and implementation of the “Your Salary Instantly” system, aimed at improving payroll management, enhancing transparency and increasing the efficiency of public spending.

The officials also discussed efforts to unify and control public spending and strengthen coordination among relevant authorities to ensure the optimal use of public resources and support fiscal discipline and sustainability.

The meeting also reviewed oil and non-oil revenues and mechanisms to improve their collection and monitor their flow, with the aim of supporting financial and monetary stability and strengthening the state’s ability to manage its resources efficiently and transparently.

The Central Bank said the officials stressed the importance of continued coordination among the Central Bank of Libya, the Ministry of Finance, the Audit Bureau and other relevant state institutions and stakeholders, as well as joint efforts to complete and implement the targeted reforms to control public spending, increase revenues and support economic and financial stability.