19 Hrs
Source:
عين ليبيا
Libya Plans Spending Cuts and Reforms
The Democratic Independents Party in Libya proposes reducing unnecessary government expenditures by up to 40%, reviewing the privileges of officials and public contracts to enhance transparency, combat corruption and smuggling, with the aim of addressing financial imbalances and safeguarding national resources. Based on data from the Central Bank of Libya, where revenues in 2025 amounted to approximately 136.87 billion dinars against roughly the same amount in expenditures, and a report covering the first nine months of 2026 showing a foreign currency deficit of $4.7 billion, the party emphasized the need to review spending priorities and improve resource management. It also called for restructuring salaries, cutting expenses on travel and privileges, developing oversight of oil revenues, and reducing smuggling. The financial savings should be directed toward improving public services and supporting local production, while ensuring transparency in managing oil revenues and holding officials accountable for any waste.
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