The head of Libya's Audit Bureau, Khaled Shakshak, warned on Wednesday of the negative effects of parallel spending outside the state’s general budget on the exchange rate and cash liquidity, calling for “the need to reduce it and work to unify efforts to reach a unified spending list, in which standards of fairness, disclosure and transparency are met.”
Shakshak's warning came during his speech at a meeting held at the Al-Nasr Forest Halls Complex in Tripoli, in the presence of Government of National Unity Prime Minister Abdulhamid Dabaiba, Central Bank of Libya Governor Siddiq Al-Kabir and government ministers, which was devoted to assessing the general economic situation in Libya.
The Audit Bureau said in a statement that the meeting presented economic, financial and monetary indicators that reflect the general situation of the Libyan economy, including levels of public spending and parallel spending for the year 2022.
The Bureau added that Shakshak praised in his speech the role of the specialized team consisting of the Central Bank, the Audit Bureau and the relevant ministries in collecting data and holding technical consultations with the World Bank and the International Monetary Fund.
During his speech, Shakshak stressed the need to benefit from previous experiences, for officials to assume their responsibilities and called for limiting the expansion of administrative spending.