Al-Sunni Urges Unified Spending to Address Libya’s Economic Crisis

New york: Libya's Permanent Representative to the United Nations, Taher Al-Sunni, warned against the continuation of parallel spending outside approved frameworks, considering it one of the main reasons for the worsening exchange rate crisis, rising prices, and the erosion of citizens' purchasing power. This warning was issued during his address to the Security Council in a session dedicated to discussing the latest developments in Libya.

According to Libyan News Agency, Al-Sunni highlighted the risks posed by opening monthly lines of credit in the absence of a unified budget, which threatens financial and monetary stability in the country. He called for the unification and rationalization of spending, advocating for support of the unified development agreement to manage development expenditures effectively.

Furthermore, Al-Sunni emphasized the importance of basing Libya's future relationship with international partners on respect for national sovereignty and the strengthening of economic partnerships, free from negative interference. He mentioned the successful "Libya Energy and Economy Summit" held in Tripoli in late January, which saw significant international participation and resulted in investment agreements in the oil and energy sectors totaling approximately $20 billion, with projected net returns exceeding $370 billion in the medium and long term.

Concluding his remarks, Al-Sunni asserted that the core issue of the Libyan crisis is political division. He stressed that addressing economic, security, and humanitarian challenges, including terrorism and migration issues, requires ending this division and renewing legitimacy through a clear constitutional framework and general elections. He affirmed that while Libyans have the desire for peace and democracy, they require a political process with clearly defined outcomes and international support that respects national sovereignty, eliminates foreign presence, and fosters equitable partnerships free from external control or mandates.