Latest news with #ReconstructionFund
Libya Observer
7 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 Observer
19-06-2025
- Business
- Libya Observer
Aqilah Saleh discusses controversial 69 billion budget with Belqasim Haftar
The Speaker of the House of Representatives (HoR), Aqilah Saleh, has met with Belqasim Haftar, son of Khalifa Haftar and director of the Reconstruction Fund, to discuss the proposed budget for the fund and the development plan for 2025, 2026, and 2027, incorporating feedback from the parliamentary committee. The committee, established by the HoR, had met with Belqasim Haftar on Monday to review the budget and development plan. They agreed to document observations from MPs across various electoral districts and stressed the importance of fair distribution of development throughout Libya. Earlier, on June 2, the HoR debated a proposed 69 billion Libyan dinar budget for the Reconstruction Fund, chaired by Belqasim Haftar, covering three years with 23 billion dinars allocated annually. The session included heated exchanges but ended with an agreement to form a committee to monitor the budget. Tags: Aqilah Saleh Belgasem Haftar Libya Development and Reconstruction Fund
Libya Review
17-06-2025
- Business
- Libya Review
Belgassem Haftar Presents Libya's Reconstruction Budget to Ageela Saleh
On Tuesday, the Director General of the Libyan Reconstruction and Development Fund, Belgassem Haftar, met with House of Representatives Speaker Ageela Saleh to present detailed explanations regarding the fund's proposed budget and long-term development strategy. The meeting took place at Saleh's residence in the city of Qubba. According to Saleh's media office, Haftar outlined the fund's budget framework along with its sustainable development plan for the years 2025, 2026, and 2027. The discussion followed a separate session held on Monday between Haftar and members of a parliamentary committee tasked with reviewing the fund's financial and operational plans. The committee was formed under Resolution No. 1 of 2025. During the meeting, Saleh expressed appreciation for Haftar's efforts and praised the work of the Reconstruction Fund team. He voiced confidence in their ability to deliver on national priorities through a coordinated program of reconstruction and development across various Libyan cities and regions. Parliamentarian Saleh Afhema, a member of the committee, confirmed that the group reached an agreement with Haftar to include feedback from representatives of all electoral districts in the final version of the fund's budget and plan. The committee session also included Hatem Al-Araibi, the fund's project director, and was held at the House of Representatives headquarters in Benghazi. The discussions come amid growing political tension surrounding the parliamentary session held on June 3 in Benghazi, during which lawmakers unanimously approved the Reconstruction Fund's development budget. Shortly afterward, 115 members of parliament submitted a formal request challenging the legality of the vote, arguing that key procedures were not followed before the approval. Despite the dispute, the fund continues to function under Haftar's leadership and is moving forward with its mandate to implement major reconstruction projects across Libya. Tags: Belgassem HaftarBudgetlibyaParliament SpeakerReconstruction
Libya Observer
02-06-2025
- Business
- Libya Observer
HoR discusses adopting 69-billion-dinar budget for Belgassim Haftar's reconstruction fund
Libya's House of Representatives (HoR) has started discussing a proposed budget of 69 billion dinars over three years—23 billion annually—for the 'Libya Development and Reconstruction Fund,' which is headed by Belgassim Haftar, the son of Khalifa Haftar. The HoR session, held on Monday, was marked by verbal clashes between MPs Ezzedine Qweirib and Issa Al-Araibi. Qweirib called for a review of expenditures and better coordination with construction companies, while Al-Araibi denounced the criticism as obstructive 'grandstanding' in the face of what he described as the unstoppable 'reconstruction train.' MP Ali Bouzreiba also criticized the budget proposal, calling it vague and lacking in clarity. Following the heated exchanges, the live broadcast of the session was cut off. Later, the spokesperson for the House, Abdullah Bliheq, announced that the parliament had agreed in principle to draft the budget for the Reconstruction Fund, but requested clarifications and noted the importance of incorporating MPs' observations. Bliheq added that a parliamentary committee—with one representative from each electoral district—would be formed to meet with the fund's administration to ensure transparency in how the budget would be distributed across Libya's regions. He also noted the formation of a technical committee to study the Libya-Turkey agreement submitted by the parallel government in eastern Libya. Tags: House of Representatives Libya Development and Reconstruction Fund
Times of Oman
02-05-2025
- Business
- Times of Oman
"Truly an equal partnership": Zelenskyy hails rare earth minerals deal between US-Ukraine
Kyiv: After the US and Ukraine signed an economic partnership agreement granting Washington access to Ukraine's rare earth minerals in exchange for an investment fund, President Volodymyr Zelenskyy called the deal an equal partnership and emphasised its benefits, including significant investment, industrial modernisation, and a new Reconstruction Fund. Sharing a post on X on Thursday, Zelenskyy wrote, "Today, our government team reported on the economic partnership with the United States. We have an agreement. It has been signed and will be submitted to the Verkhovna Rada for ratification. And we are interested in having no delays with it." "All our representatives did a good job. The agreement has changed significantly during the preparation process. It is now truly an equal partnership -- one that creates opportunities for substantial investment in Ukraine, as well as significant modernisation of Ukraine's industries and, equally importantly, its legal practices. The agreement foresees no debt. It stipulates the establishment of a Reconstruction Fund that will invest in Ukraine and generate returns in Ukraine. This means joint work with America, based on fair terms, allowing both Ukraine and the United States, which supports us in our defence, to make money in partnership," the post added. The Ukrainian President further called the deal the first tangible outcome of their meeting in the Vatican City. "President Trump and I discussed our readiness to conclude this agreement during our meeting in the Vatican. In fact, this is the first tangible outcome of that Vatican meeting, making it historic. We look forward to other outcomes from that conversation -- it was a meaningful meeting, and President Trump and I used every minute to the fullest. I thank him for that. And once again, I thank both our teams -- the Ukrainian and the American," Zelenskyy said. Since President Trump assumed office in January, the US and Ukraine have been trying to sign an agreement on natural resources. The deal between the two nations comes after weeks of intense negotiations that at times became bitter and temporarily derailed US aid to Ukraine. On Wednesday, the US Treasury Department said that both nations signed the agreement. In a statement, the US Treasury Secretary Scott Bessent said, "As the President has said, the United States is committed to helping facilitate the end of this cruel and senseless war." Zelenskyy was expected to sign the agreement during his visit to the US in February. However, the agreement was not signed after his visit was cut short following the contentious Oval Office meeting.
