The central bank described the deal as “the first consensus on unified spending across Libya in over 13 years,” saying it marks significant progress toward consolidating fiscal policy. “This step reflects real progress toward unifying fiscal policy and strengthening the good management of public spending,” the bank said. Libya has struggled to recover from the turmoil that followed the 2011 Arab Spring uprising that toppled longtime ruler Muammar Gaddafi. The central bank said the new spending agreement would help bolster financial stability. The country currently produces about 1.5 million barrels of oil per day and is seeking to increase output to 2 million.

Source: Libya Today April 11, 2026 12:25 UTC