GNA, CBL agree "Temporary Financial Arrangements"

By John Lee.

Libya's UN-backed Government of National Accord (GNA) and the Central Bank of Libya (CBL) in Tripoli say they have agreed to work together to tackle urgent economic problems in 2017.

The CBL has thus far been reluctant to release public funding until the GNA is endorsed by Libya’s eastern-based parliament, the House of Representatives.

According to Reuters, with no hope of parliamentary approval for budgets, the GNA has been forced to seek instalments of emergency funding.

The new "temporary financial arrangements" total LD 37.56 billion ($26 billion), including LD 20.74 billion allocated for state-sector salaries.

Meanwhile, the House of Representatives has rejected the "budget" as unconstitutional.

(Sources: Reuters, Libya Herald)

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