Resolution No. (30) of 2014 on authorising the Central Bank of Libya to issue an advance to the Ministry of Finance and the General National Congress office

General National Congress

Resolution No. (30) of 2014 AD

on authorising the Central Bank of Libya to issue an advance to
the Ministry of Finance and the General National Congress office

The General National Congress,

Upon review of:

• The Constitutional Declaration issued by the National Transitional Council on 3 Ramadan 1432 AH, corresponding to 03/08/2011 AD, and amendments thereto;
• The rules of procedure of the General National Congress;
• The Law of the Financial System of the State, and the budget, accounts, and stores regulations and amendments thereto;
• The resolutions of the Cabinet in its emergency meeting held on 12 March 2014 AD;
• The submission of Acting Prime Minister in Letter No. (M.W.R. 583) dated 13/03/2014 AD;
• The conclusions of the General National Congress in its ordinary meeting No. (181) held on 6 Jumada al-Akher 1435 AH, corresponding to 06/04/2014 AD;

issued the following Law:

Article (1)

The Central Bank of Libya shall be authorised to provide an advance to the Ministry of Finance in the amount of two billion, five hundred million Libyan dinars (LYD 2,500,000,000) to cover the needs of the interim government in the areas of defence, interior, justice, electricity, water, and health, and to the General National Congress office in the amount of fifty million Libyan dinars (LYD 50,000,000) to cover the needs and financial obligations of the General National Committee office and the Presidential Guard.

Article (2)

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

1. Said advance shall be transferred to the Ministry of Finance’s account and the General National Congress office’s account as set out in Article (1) of this Resolution, immediately upon issuance thereof.
2. The Ministry of Finance and the General National Congress office shall pay the advance prior to the end of the 2015 fiscal year.
3. If the Ministry of Finance or the General National Congress office fails to pay the advance by said date, the Central Bank of Libya may settle it against the surplus available in any of the other accounts of the Ministry of Finance or the General National Congress office.

Article (3)

A committee shall be formed consisting of the chairmen of the standing committees of the General National Congress (finance, defence, interior, justice, energy, health, agriculture, and the General National Congress office) to monitor the disbursal of this advance to the purposes to which it is allocated.

Article (4)

Priority in the disbursal of this advance shall be to secure the State’s control over oil fields and ports and to secure the borders and Libyan cities where the security situation is deteriorating.

Article (5)

The Ministry of Finance and the General National Congress office shall, each according to their competencies, publish a periodic report stating the items, parts, and sectors to which the amounts referred to in Article (1) of this Resolution were allocated.

Article (6)

General National Congress Resolution No. (27) of 2014 AD on allocating a budget for emergencies shall be repealed.

Article (7)

This Resolution shall enter into force on the date of its issue and shall be published in the Official Gazette. Any provision that conflicts herewith shall be repealed.

The General National Congress – Libya

Issued in Tripoli

On: 8 Jumada al-Akher 1435 AH

Corresponding to: 08/04/2014 AD