During his pre-recorded video speech aired last night to commemorate the 15th anniversary of the 17th of February Revolution, that ended the 42-year Qaddafi regime, Tripoli based Libyan Prime Minister, Abd Alhamid Aldabaiba, stated:
The country enters the month of Ramadan amidst an economic crisis, the effects of which are felt by citizens through the rising dollar exchange rate and commodity prices.
The Central Bank of Libya is attempting to address the currency’s decline, but the solutions are insufficient without tackling the root cause of the problem.
Parallel spending (by the eastern Libyan regime headed by Hafter) outside the state budget is the primary and sole cause of the current crisis.
I warned three years ago of the dangers of parallel spending and called for its immediate cessation.
The volume of parallel spending has exceeded 303 billion dinars and has been officially recognized as public debt.
The exchange rate change (devaluation) was implemented to repay the public debt, which has once again burdened citizens with the cost.
The hard currency issued by the Central Bank is consumed by parallel spending, driving up demand for the dollar.
I previously remained silent to shoulder responsibility and pursue a genuine solution, avoiding the exchange of accusations.
The US brokers a financial agreement has been reached with the Hafter regime
A financial agreement has been reached between the House of Representatives and the State Council, under the auspices of the Central Bank.
Aldabaiba expressed his gratitude to the United States and the Trump administration for facilitating the agreement.
The agreement grants the Central Bank of Libya the exclusive right to set spending ceilings for development projects, based on financial capacity of the State
Spending (by the Hafter regime) 70 billion dinars in parallel spending in 2025, compared to the state’s actual capacity of no more than 10 billion, represents a true catastrophe.
The difference in spending translates into money that puts pressure on the dollar and raises prices and taxes.
The budget means allocating available resources according to priorities, not spending without restrictions.
Tripoli government claims it has not overspent or borrowed
We have not recorded a single dirham as public debt, nor have we borrowed from banks, even though the law allows it.
Banks in Tripoli hold more than 100 billion dinars, and merchants possess more than another 100 billion, which we have not touched.
The citizen’s priority today is a strong currency and stable prices before major projects.
People don’t eat bridges or stadiums… the priority is a decent life.
Aldabaiba calls on CBL to halt all development spending if agreement is not adhered to
Aldabaiba officially demanded that the Governor of the Central Bank of Libya halt all development spending if the US-brokered agreement is not adhered to.
The state’s legitimate spending on development last year did not exceed 10 billion dinars.
All state projects pass through the Audit Bureau and the Oversight Authority according to legal procedures.
Continued haphazard spending affects people’s livelihoods. Their medicine and their livelihood
Aldabaiba pledges to exert every effort to ensure the success of the unified financial agreement for 2026
Libya’s economy possesses significant potential and resources sufficient for everyone
We have signed major development agreements in the oil sector with international companies to increase revenues
Adherence to the financial agreement and halting arbitrary spending are essential conditions for overcoming the economic crisis
Imminent Cabinet reshuffle to bring in ‘new blood’
The Prime Minister announced a cabinet reshuffle to fill vacancies and inject new blood
The cabinet reshuffle will be announced during the next cabinet meeting
Commitment to holding elections
The Prime Minister affirms his commitment to holding comprehensive elections that will dissolve the current bodies and renew legitimacy through the people
The electoral process must be based on fair and applicable laws
A message to Qaddafi supporters
The government has acted responsibly from day one.
We have released those who were unjustly imprisoned or who have completed their sentences.
We have worked to redress grievances, redress injustices, and provide a political and social environment for all without discrimination.
The government is acting responsibly in pursuing perpetrators and uncovering the circumstances Assassination of Saif al-Islam Qaddafi.
A safe environment has been provided for the funeral and mourning ceremonies, in accordance with the law, custom, and Sharia.
The Libyan state embraces everyone and ensures equality before the law.
Let us come together; the nation needs all its sons and daughters.
The nation endures, and we are all moving forward; there is no turning back the clock.
The Prime Minister reiterates his congratulations to the Libyan people on the arrival of the holy month of Ramadan and prays that God brings goodness, prosperity, and blessings to the nation.
