Libya’s MPs Urge Emergency Session on Dinar Devaluation Decision

Sixty-nine MPs in Libya’s House of Representatives have called for an emergency session to discuss the Central Bank’s decision to devalue the dinar, citing alarming financial data including a significant budget deficit and excess government spending. They urge key officials to attend for a thorough examination of the economic situation.

A group of sixty-nine members from Libya’s House of Representatives has urgently requested an emergency parliamentary session, set for Tuesday and Wednesday. This session aims to address the Central Bank’s recent decision to devalue the Libyan dinar, a move they deem crucial given the current economic situation.

The MPs are calling for the attendance of key figures, specifically the Central Bank Governor and his deputy, along with representatives from the Audit Bureau, the National Oil Corporation, and the Administrative Control Authority. Their goal is to address the concerning financial data, particularly the alarming budget deficit and rising government expenditures beyond the sanctioned budget.

The Central Bank’s devaluation of the dinar against the dollar was implemented to combat this deficit, which has arisen following reports that both governing entities spent approximately 224 billion Libyan dinars within one year. This spending surge resulted in a demand for $36 billion in foreign currency, prompting the need for immediate discussions and remedial measures.

In summary, the call for an emergency session reflects the urgent need to scrutinize the Central Bank’s decision on dinar devaluation. With rising budget deficits and expenditures outside approved frameworks, the parliamentary leadership’s response will be critical in addressing Libya’s economic challenges and ensuring fiscal responsibility moving forward.

Original Source: libyaobserver.ly