Deadlock over 2019 budget between PC and CBL

Deadlock over 2019 budget between PC and CBL

January 19, 2019 - 11:20
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Written By: SafaAlharathy

The Presidential Council (PC) and the Central Bank of Libya (CBL) failed to reach an agreement on the 2019 budget due to a dispute over spending priorities.

According to sources quoted by Reuters, no solution seems to be in view, and the dispute could continue until next March.

The controversy concerning the budget stems from the disagreement over how to spend 183% of fees, imposed on the purchase of foreign currency since October, Reuters reported Friday.

The agency added the PC wanted to use the fees for development purposes, while the CBL gave priority to debt repayment.