Tripoli— The Central Bank of Libya (CBL) has praised the signing of an agreement by the Libyan Parliament and the High Council of State on the Unified Development Program (UDP), considering it an important national step toward strengthening financial stability and unifying development efforts across all Libyan regions.
The signing ceremony took place on Tuesday 18 November at the CBL’s headquarters in Tripoli under the supervision of the Bank’s Governor Mr. Naji Issa.
In a statement, the Bank said “the CBL affirms its full support for this agreement, which reflects a shared sense of responsibility, reinforces the principles of transparency and good governance, and establishes a clear framework for unifying spending channels and financing development projects.”
The agreement is expected to positively impact the struggling Libyan economy by means of directing resources toward productive investment in sectors such as infrastructure, education and health.
It could also “promote economic growth, improve social conditions, contribute to achieving economic stability, ensure fair distribution of resources and the realizing of sustainable development,” the CBL claimed.
It said it “values the provisions included in this agreement and affirms its full readiness to carry out the tasks assigned to it in accordance with applicable legislation,” stressing that the “measure represents a proactive and necessary step to safeguard the macro economy from greater challenges previously warned of by the CBL’s Board of Directors.”
The Central Bank reiterated its commitment to working with all parties in a spirit of cooperation and coordination in order to ensure the implementation of the agreement and the achievement of its objectives in service of the nation and its citizens, the Bank said.