TRIPOLI, Aug 20 (NNN-XINHUA) — Libya’s eastern-based House of Representatives, the parliament, on Tuesday approved a public debt law during a plenary session in Benghazi, parliamentary spokesperson Abdullah Blehig said on Facebook.
The approval followed extensive discussions and incorporated recommendations from the parliament’s Finance Committee, though some MPs objected to certain provisions, Blehig said.
The law, with an aim to regulate borrowing policies and ensure fiscal transparency, establishes a special account to create a debt repayment reserve and prohibits administration borrowing, both domestic and international, unless authorized under the provisions of the approved law.
It came amid Libya’s worsening economic crisis, rising public debt, and challenges from fragmented financial management since 2014, according to parliamentary sources.
Libya remains divided since the 2011 NATO-backed uprising that toppled former leader Muammar Gaddafi, split between the UN-recognized Government of National Unity in Tripoli and an eastern-based administration backed by the Libyan National Army under commander Khalifa Haftar. — NNN-XINHUA