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GNA agrees $34 billion budget for 2019 after months of disputes

The Address | Benghazi – Libya

TRIPOLI – The Tripoli-based Government of National Accord (GNA) agreed with the Tripoli-based Central Bank of Libya (CBL)  on a 2019 budget worth 46.8 billion dinars ($33.83 billion), it said on Monday after months of arguments, Reuters reported.

The “financial arrangements”, as the budget is called officially, mark an increase from last year’s 42 billion dinars.

GNA and Tripoli-based CBL had been arguing over how to use funds raised by a 183 per cent fees slapped on hard currency transactions since autumn.

The fees are aimed at bridging a gap between official and black market rate by moving the official rate to effectively 3.9 versus one dollar. Before it was 1.4. The black market rate has fallen since then to around 4.1 from 6.

“After extensive discussion a total value of the financial arrangements (of) 46.8 billion dinars was agreed upon,” GNA said in a short statement without giving any details.

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