"This step reflects real progress toward unifying fiscal policy and strengthening the good management of public spending," the central bank said of the new budget, calling the agreement "the first consensus on unified spending across Libya in over 13 years". Despite generating $22 billion in oil revenues last year - up more than 15 percent compared to the year before-- Libya faces a foreign currency deficit of $9 billion, according to the central bank. Last January, the bank devalued the dinar by nearly 15 percent for the second time in less than a year, citing a host of issues including the lack of a unified state budget. Libya holds Africa's largest oil reserves at around 48.4 billion barrels, and currently produces about 1.5 million barrels per day while seeking to increase output to two million. Dbeibah also thanked Trump's senior adviser on Arab and African affairs Massad Boulos for "supporting the mediation efforts that led to this agreement".

Source: The North Africa Journal April 12, 2026 08:31 UTC