00:01Libya has gone without a unified state budget for the past 13 years, torn apart by the chaos
00:08of the Arab Spring in 2011.
00:11But now this could be changing.
00:13The two governing entities, the UN-recognized government in Tripoli and the military administration
00:19in Benghazi, have agreed to unify public spending this year.
00:23This is the result of a US-mediated agreement.
00:27US President Donald Trump's senior advisor on Arab and African affairs, Massad Boulos,
00:33reportedly aided in the negotiations.
00:36Libya's public finances are in dire need of better management.
00:41The country generated $22 billion in oil revenues last year.
00:46It could generate even more in the future, as it holds Africa's biggest oil reserves.
00:51But at the same time, it faces a foreign currency deficit of $9 billion.
00:56according to the central bank.
00:59The absence of a state budget also led Libya to devalue its currency, the dinar, by nearly 15% in
01:06January.
01:07It was the second devaluation in less than a year.
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