Libya’s Eastern Parliament approves $12.7B budget for reconstruction fund
Three-year plan faces uncertainty amid national divisions and centralized control of oil revenues
BENGHAZI, Libya (MNTV) – Libya’s eastern-based House of Representatives has approved a 69 billion Libyan dinar ($12.71 billion) budget for its Development and Reconstruction Fund, to be implemented over the next three years, a senior lawmaker confirmed on Tuesday.
Speaking to Reuters, parliament member Tarek Jroushi said the funds would be distributed equally across the three years and managed under the direct oversight of the eastern legislature.
The fund, which was established in February 2023, has been granted independent financial authority according to the parliament’s official gazette.
Parliament spokesperson Abdullah Blheg also confirmed the approval in a post on X, although he did not specify the total amount.
Despite the vote, the disbursement of the funds remains uncertain due to Libya’s enduring political fragmentation and competing centers of power.
The Tripoli-based Central Bank of Libya, led by Governor Naji Issa, remains the sole internationally recognized institution for managing the country’s oil revenues — the backbone of Libya’s economy.
It is not yet clear whether the central bank will release the funds to the eastern-led initiative.
The reconstruction fund is headed by Belgasem Haftar, son of eastern military commander Khalifa Haftar, whose Libyan National Army controls large swathes of eastern and southern Libya.
The Benghazi-based government of Osama Hamad, aligned with Haftar, backs the fund’s operations.
Meanwhile, the western Government of National Unity (GNU) based in Tripoli and led by interim Prime Minister Abdulhamid Al-Dbeibah, remains the internationally recognized executive authority, having been appointed through a UN-backed process in 2021.
The budget move highlights the persistent institutional split in Libya, with parallel governments and financial systems complicating national reconstruction and governance efforts.
Have Your Say!
Have you been affected by the issues raised in this story? Please share your experiences by emailing haveyoursay@soundvision.com.
Please include a contact number if you are willing to speak to a Muslim Network TV’s representative. You can also get in touch in the following ways:
Tweet: @MuslimNetworkTV
We must take charge of our narrative. Research indicates that 92% of their Muslim coverage is negative. Help us change that.
