The Director General of the National Economic and Social Development Board (NESDB), Mahmoud Al-Futaisi, stated in an exclusive interview with Libya Herald that the first phase of the “Development of the State’s Financial System Law” project has been completed.
The completion of the first phase of work, Al-Futaisi added, was revealed during a visual presentation made by the project’s team at a meeting held Sunday at the NESDB’s Tripoli headquarters.
Amend and develop current laws
Al-Futaisi pointed out that the presentation touched on the articles of the budget, accounts regulation, which the team is working to amend according to the law in force, and to resolve bottlenecks in line with the goals of the comprehensive development of the state’s financial law system and its executive regulations in the long term.
New laws would help resolve bottlenecks
The NESDB’s head praised the interest of the NESDB Chairman of Board of Trustees, Tripoli-based Prime Minister Abd Alhamid Aldabaiba, and the board’s members, and his follow-up on the details of the project. He revealed that the PM had placed a priority on the project because of its great importance in resolving many of the difficulties facing the public sector.
This prioritisation came within the framework of the principles of disclosure, transparency, and governance to complete financial transactions, similar to other developed countries.
Al-Futaisi noted that the NESDB is conducting many projects, whether at the level of the legal environment or other. These would facilitate the financial transactions and procedures of the state, as well as increase the disclosure and transparency of these procedures.
They would help ensure the achievement of the greatest degree of clarity during their implementation in a way that serves the interest of the national economy in a general way and contribute to the rationalization of public spending and curbing corruption. This, he concluded, gives a good reflection of the government’s contribution to raising the level of disclosure, transparency and integrity.