Exclusive: “Representatives” form a committee to develop a vision for restructuring the state’s general budget, headed by “Omar Tantoush”

Sada Economic newspaper obtained exclusively the House of Representatives’ decision to form a committee to develop a vision for restructuring the state’s general budget, headed by “Omar Tantoush” and membership of the Central Bank of Libya and the Ministry of Finance.

The committee formed according to the plan shall develop a vision for the restructuring of the state’s general budget, ensure that all members of the Libyan people enjoy their country’s resources, and achieve effective and transparent control over revenues from their various sources and expenditures in all their aspects, to create an economic and social balance on Libyan lands that brings prosperity and development to individuals. Society, while ensuring the right of future generations to the wealth of their homeland.

Some of the priorities of the committee’s mission were identified, including considering proposing practical ways to restructure Chapters Two and Three of the general budget, so as to ensure the redistribution of administrative allocations (Part Two) and allocations for development and reconstruction projects and programmes, as well as proposing ways to involve local administration units (governorates and municipalities) in developing Plan spatial development programs and projects, and determine the necessary allocations for their implementation with detailed names in the items of the state’s general budget.

Also setting ways to direct local administration units to work on increasing and developing their local resources, fees, revenues and royalties, and developing mechanisms for collecting them, so that they become a basic and reliable resource for financing their local budgets and they have the authority to determine the areas of their expenditures and spend them for the purposes they deem appropriate in accordance with the priorities set in particular. As well as proposing ways to gradually lift subsidies on fuel and gasoline, especially gasoline, to reduce the depletion of state revenues, with the exception of fuel for power stations and factories.

As for the last issue, it was specified in proposing a mechanism for spending on contracted projects, which are being implemented by the two governments, and limited to inclusion in statements and appendices attached to the proposed budget for approval by the House of Representatives. The committee may add any other proposals that it deems relevant to aspects related to the management of the state’s resources and expenditures and the fair distribution of them. .

You can also read the news in the source from the Sada Economic newspaper