Resolution No. (126) of 2013 authorising the Central Bank of Libya to provide an advance to the interim government’s Ministry of Finance

General National Congress

Resolution No. (126) of 2013 AD

authorising the Central Bank of Libya to provide an advance

to the interim government’s Ministry of Finance

The General National Congress,

Upon review of:

• The interim Constitutional Declaration issued on 03 August 2011 and amendments thereto;
• The by-laws of the General National Congress and amendments thereto;
• Law No. (1) of 2005 AD on banks;
• The Law of the Financial System of the State and amendments thereto;
• Law No. (7) of 2013 AD on approving the State’s general budget;
• The conclusions of the General National Congress in its one hundred fifty-second ordinary meeting held on Tuesday, 20 Safar 1435 AH, corresponding to 20 December 2013 AD;

issued the following Resolution:

Article (1)

The Central Bank of Libya shall be authorised to provide an advance to the Ministry of Finance in the amount of eight hundred million Libyan dinars (LYD 800,000,000), to settle existing obligations to the Price Stabilisation Fund.

Article (2)

In addition to Article (11) of the Law on banks, this advance shall be subject to the following provisions:

1. The advance shall be transferred to the Ministry of Finance’s account on 2 January 2014 AD.
2. The Ministry of Finance shall pay the advance before the end of the first quarter of 2014 AD.
3. If the Ministry of Finance does not make the payment by said date, the Central Bank of Libya may settle the advance against the surplus available in any of the Ministry of Finance’s other accounts.
4. The Ministry of Finance shall undertake to use the advance to pay existing obligations to the Price Stabilisation Fund.

Article (3)

The President of the Transitional Government and the Governor of the Central Bank of Libya shall implement this Resolution.

Article (4)

This Resolution shall enter into force on the date of its issue and shall be published in the Official Gazette.

The General National Congress – Libya

Issued in Tripoli

22 Safar 1435 FDP

Corresponding to: 25 December 2013 AD