Tripoli – The Libyan House of Representatives has passed a law to settle the public debt, which has reached approximately 303.4 billion dinars, granting the Central Bank of Libya the authority to write off these debts through multiple financial mechanisms.
The law stipulates a deduction of 3% from public revenues, in addition to using the treasury’s share of surplus profits from the central bank, the balance of the account for fees, and the net proceeds from the revaluation of foreign assets.
According to the official gazette, the public debt consists of public treasury bonds and bills, accrued returns for the benefit of the central bank after settling bonds with banks, as well as temporary advances and interest-free loans granted by the central bank, and the balance of its suspense account.
This decision reflects the Libyan authorities’ direction towards controlling public finances and addressing debt accumulation, a step aimed at enhancing economic stability and reducing burdens on the budget.
Tripoli
Tripoli is the capital and largest city of Libya, located on the country’s Mediterranean coast. Historically, it was founded by the Phoenicians in the 7th century BC and later became a significant Roman city, with its old town, the medina, showcasing a rich history of subsequent Arab, Ottoman, and Italian colonial rule.
Libyan House of Representatives
The Libyan House of Representatives is the internationally recognized legislative body of Libya, formed in 2014 following elections intended to replace the General National Congress. Its establishment was part of the country’s turbulent transition after the 2011 revolution, but its authority has been contested by rival governments and it has often operated from the eastern city of Tobruk.
Central Bank of Libya
The Central Bank of Libya is the primary monetary authority of Libya, established in 1956 following the country’s independence. It has played a critical and often divided role in the nation’s financial system, especially during the post-2011 civil conflict when rival branches operated in Tripoli and the east.
