Libyan Audit Bureau rejects budget approved by GNA

Chairman of the Presidential Council of Libya and Prime Minister of the Government of National Accord of Libya Fayez Al-Sarraj on 7 December 2017 [Cüneyt Karadağ/Anadolu Agency]

Libya Audit Bureau, the highest financial regulatory authority in the country, has rejected the 2019 budget announced by the Government of National Accords (GNA) last month.

The Audit Bureau said the legislative authority represented by the Tobruk based House of Representatives did not approve the budget according to the law and “lacked financial or economic reforms”.

In a letter to Prime Minister Fayez Al-Sarraj, it said the new budget includes increased spending due to the establishment of new government departments, explaining that only the legislative authority approves the establishment of such departments in coordination with the Audit Bureau and the Central Bank of Libya.

The UN-backed GNA revealed earlier in March that it had agreed with the Central Bank of Libya and other actors on the 2019 budget of $33.83 billion after months of discussions.

Member of the Finance Committee of the High Council of State, Saeid Sharada, said the new budget is higher than last year’s budget by $4.8 billion due to increasing expenses, including government spenditure.

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