Latest news with #LibyaDevelopmentandReconstructionFund
Libya Herald
3 days ago
- Business
- Libya Herald
Aldabaiba rejects continued spending by eastern Libya government outside the legal budget
Tripoli based Libyan Prime Minister, Abd Alhamid Aldabaiba, rejected any parallel paths of public spending outside the legal frameworks. Aldabaiba was responding to the Benghazi based House of Representatives approving on 2 June a budget of LD 69 billion over 3 years (2025 to 2027) for the Libya Development and Reconstruction Fund. The Fund is controlled by the Hafter family and is exempt from any administrative and financial oversight. Aldabaiba was speaking during a meeting at his Tripoli Cabinet Office last Monday (2 June) with several members of the High State Council, ''to discuss ongoing political and economic developments, and follow up on the government's project to extend stability, unify institutions, and protect the national economy from parallel financial tampering''. During the meeting, Aldabaiba stressed the government's categorical rejection of any parallel paths of public spending outside the legal frameworks, warning that these practices impose huge financial burdens on the state that are spent in unreal doors, and then re-compensated through public debt, which practically means a deduction from the citizen's pocket and an actual reduction in the value of his income. The Prime Minister stressed that the Libyan citizen will not benefit from projects implemented at double prices outside the unified financial system, saying: 'What is the use of projects if they are implemented at double prices and deducted from the citizen's pocket through the public debt?!' In this context, Aldabaiba called on the Speaker of the House of Representatives, Ageela Saleh, to disclose the fate of more than 100 billion dinars spent outside the Public Budget during the past two years, stressing that this demand does not come only as a matter of transparency, but as a direct result of the deterioration caused by this spending in the value of the Libyan dinar, and serious repercussions on the citizen's income and market confidence. The Prime Minister also pointed out that a number of economic experts warned that the adoption of a parallel budget, despite its legal violation, would lead directly to a rise in the exchange rate of the dollar in the parallel market, as a result of the imbalance of financial confidence and increased pressure on reserves, which negatively affects the stability of the currency and the standard of living of citizens. Aldabaiba concluded the meeting by stressing that the national and legal responsibility falls on all institutions to stop this financial haemorrhage, defend the unity of public finances, and maintain the stability of the economy and the Libyan dinar.
Libya Observer
5 days ago
- Business
- Libya Observer
HoR discusses adopting 69-billion-dinar budget for Belgassim Haftar's reconstruction fund
Libya's House of Representatives (HoR) has started discussing a proposed budget of 69 billion dinars over three years—23 billion annually—for the 'Libya Development and Reconstruction Fund,' which is headed by Belgassim Haftar, the son of Khalifa Haftar. The HoR session, held on Monday, was marked by verbal clashes between MPs Ezzedine Qweirib and Issa Al-Araibi. Qweirib called for a review of expenditures and better coordination with construction companies, while Al-Araibi denounced the criticism as obstructive 'grandstanding' in the face of what he described as the unstoppable 'reconstruction train.' MP Ali Bouzreiba also criticized the budget proposal, calling it vague and lacking in clarity. Following the heated exchanges, the live broadcast of the session was cut off. Later, the spokesperson for the House, Abdullah Bliheq, announced that the parliament had agreed in principle to draft the budget for the Reconstruction Fund, but requested clarifications and noted the importance of incorporating MPs' observations. Bliheq added that a parliamentary committee—with one representative from each electoral district—would be formed to meet with the fund's administration to ensure transparency in how the budget would be distributed across Libya's regions. He also noted the formation of a technical committee to study the Libya-Turkey agreement submitted by the parallel government in eastern Libya. Tags: House of Representatives Libya Development and Reconstruction Fund
Libya Herald
13-05-2025
- Health
- Libya Herald
Libya Development & Reconstruction Fund and Switzerland's Mapco sign contract for construction, equipping and operation of Al-Hawari Hospital
The Libya Development and Reconstruction Fund and the Swiss company Mapco Construction SE signed a contract last Sunday (11 May) for the construction, equipping and operation of Al-Hawari General Hospital in Benghazi. The contract, the Fund reports, includes the implementation of a pioneering medical project that includes equipping Al-Hawari General Hospital with the latest equipment and technologies. It also includes its full operation and training the Libyan medical and auxiliary medical staff working inside it to ensure the hospital's readiness to provide advanced health services according to the highest international standards. The Libya Development and Reconstruction Fund said this contract comes as part of the continuous efforts to upgrade the health infrastructure in Libya. It says this project is also part of the comprehensive plan led by the Fund to advance the health care system and provide quality medical services that contribute to improving the quality of life and enhancing the efficiency of national cadres in this vital sector.
