Libya’s MPs Demand Emergency Session on Dinar Devaluation Decision
Sixty-nine MPs in Libya’s House of Representatives have requested an emergency session to discuss the Central Bank’s decision to devalue the dinar. They seek the presence of high-level financial officials to address serious budget deficits and excessive government spending. This follows alarming financial data indicating substantial foreign currency demands.
In a significant political development, sixty-nine members of Libya’s House of Representatives have formally requested an emergency parliamentary session on Tuesday and Wednesday. This convocation aims to address the recent decision by the Central Bank to devalue the Libyan dinar.
The representatives are advocating for the attendance of key financial officials, including the Central Bank Governor, his deputy, representatives from the Audit Bureau, the National Oil Corporation, and the Administrative Control Authority. This request stems from concerns regarding alarming financial indicators, notably a considerable budget deficit and a rise in government expenditures that exceed the authorized budget framework.
The Central Bank’s decision to devalue the dinar against the dollar was prompted by mounting financial difficulties. Reports reveal that the dual governments of Libya have incurred spending in excess of 224 billion Libyan dinars within a single year, thereby generating a demand for $36 billion in foreign currency to address this financial strain.
The call for an emergency session by the MPs highlights the urgency of addressing Libya’s financial challenges, particularly the decision to devalue the dinar. Key financial figures are to be summoned to provide insight into the country’s fiscal situation, marked by exorbitant government spending and a significant budget deficit that necessitates further discussion and potential remedial action.
Original Source: libyaobserver.ly
