Latest news with #DevelopmentandReconstructionFund
Libya Observer
6 days ago
- Business
- Libya Observer
Saleh defends 69 billion dinar budget for Belqasim Haftar's Fund
House of Representatives Speaker, Aguila Saleh, has said that the decision to allocate a budget for the so-called Development and Reconstruction Fund, headed by Belqasim Haftar, for the next three years is a well-considered decision aimed at ensuring the continuity of projects and the fulfilment of obligations without financial obstacles. He warned against attempts to disrupt the fund's work. In his speech in Derna, Saleh attacked the Government of National Unity, saying it had "not completed any valuable projects," contrasting the fund's achievements on the ground with what he described as the government's spending on "non-existent projects," according to his assessment. Saleh's statement comes amid intense disagreement and popular rejection of the budget's approval. On June 2, the House of Representatives discussed a proposed budget allocation for the "Reconstruction Fund," headed by Belqasim Haftar, amounting to 69 billion dinars over three years, at a rate of 23 billion dinars annually. The session witnessed a verbal altercation before concluding with an agreement to form a committee to monitor this budget. On June 3, the official website of the House of Representatives announced the approval of a budget of 69 billion Libyan dinars for the Reconstruction Fund during an unannounced session. However, 113 members of parliament refused to pass the budget, refusing to recognize the approval session, which was attended by only 25 members. They described it as illegal, as it did not achieve the quorum necessary for the session to convene and make crucial decisions. In this context, Presidential Council Head Mohamed Menfi addressed an official letter to the Speaker of the House of Representatives, stressing the need to adhere to the constitutional and legal process for approving the state's general budget. He warned of the serious repercussions of any unilateral measures that could lead the country into a severe economic crisis. Prime Minister Dbeibah had previously announced, during a meeting with several members of the High Council of State, his categorical rejection of "any parallel spending paths outside the legal framework," warning that such practices "create huge financial burdens on the state and cause deterioration in the value of the Libyan dinar." A Central Bank of Libya official previously warned of a stifling economic crisis if the House of Representatives fails to grasp the seriousness of its decisions to control public spending and respond to the bank's "call for help" to save the national economy and the value of the currency.
Libya Review
17-06-2025
- Business
- Libya Review
Libya's Parliament Reviews 3-Year Reconstruction Plan
Members of the Libyan Parliament's committee, established by a decision of the House of Representatives, met on Monday with Engineer Belgassem Haftar, Director of the Development and Reconstruction Fund, and Hatem Al-Araibi, the Fund's Project Director. The parliamentary delegation included MPs Saleh Afhima, Mabrouk Al-Khatabi, Ali Akshir, Idris Omran, Abdul-Salam Nasia, Jabballah Al-Shaibani, Badr Al-Nuhaib, Ayman Saif Al-Nasr, Al-Salheen Abdul-Nabi, and Al-Mahdi Al-Aawar. According to MP Saleh Afhima, the meeting focused on the proposed budget and the multi-year Libya Reconstruction Plan drafted by the Fund for the years 2025, 2026, and 2027. The committee discussed strategies for development and infrastructure revival across the country. Afhima also stated that MPs agreed to document and incorporate suggestions from parliamentary districts nationwide to ensure fair representation of needs. The meeting concluded with consensus on the necessity of equitable distribution of development projects throughout all regions of Libya. This parliamentary dialogue marks a significant step toward enhancing infrastructure and supporting post-conflict reconstruction efforts, underlining the need for transparency and balanced implementation in the upcoming years. Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations. Libya's economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya's economy. The conflict has led to a significant humanitarian crisis in Libya, with thousands of people killed, and many more displaced. Migrants and refugees using Libya as a transit point to Europe have also faced dire conditions. The planned elections for December 2021 were delayed due to disagreements over election laws and the eligibility of certain candidates. This delay has raised concerns about the feasibility of a peaceful political transition. Despite the ceasefire, security remains a significant concern with sporadic fighting and the presence of mercenaries and foreign fighters. The unification of the military and the removal of foreign forces are crucial challenges.
Libya Review
02-06-2025
- Business
- Libya Review
Libyan Parliament Approves Budget for Reconstruction Fund
Libya's House of Representatives has approved the preparation of a dedicated budget for the Development and Reconstruction Fund, aimed at revitalising infrastructure and services across the war-torn country. The session was held on Monday in Tobruk, under the chairmanship of Speaker Aqeela Saleh, with the presence of First Deputy Speaker Fawzi Al-Nuwairi and Second Deputy Misbah Douma. According to Parliament Spokesman Abdullah Bliheg, the session also reviewed the national development plan for the years 2025, 2026, and 2027. Following extensive discussion, MPs agreed to initiate the process of drafting a budget for the Development and Reconstruction Fund. The decision includes the formation of a committee comprising a representative from each electoral district, who will meet with the Fund's administration to ensure the budget is equitably distributed across all regions. The fund is expected to play a critical role in rebuilding key infrastructure, repairing war-damaged areas, and boosting development in neglected provinces. The House also agreed to establish a technical committee to study the Libyan-Turkish agreement submitted by the government designated by Parliament. Additionally, MPs voted to cancel all exceptions to financial and administrative oversight—marking a move towards enhanced transparency and institutional control. Tags: Ageela SalehDevelopment FundlibyaLibyan parliamentReconstruction
