11.02.2006
Libyaninvestment.com

Article (1)

Following amounts may be spent during the period 1/1/06 to 31/12/06

•  (11356) million dinars for development budget purposes as stated in the attached list.

•  (650) million dinars from development budget of oil and gas revenues as fees for administration and execution of great man made river scheme and water investment.

•  (2825) million dinars from total of oil and gas to cover NOC expenses for administration, operation and investment.

Article (2)

Development budget expenses to be covered from oil and gas income for (9226) million dinars and (2130) million dinars from amounts brought forward and from any revenues achieved from other resources mentioned in article 10 of law No.(13) for 2001 concerning planning.

Article (3)

Exception of rules of law No.(127) for 1970 to assign some resources from the general reserve, central bank of Libya will deposit assigned amounts for development from oil and gas income as stated in article 2 of this law to the account for development at once and also to deposit in the mentioned account the amounts brought forward from previous budgets and any amounts achieved from resources in article (10) of law No.(13) for 2001 concerning planning.

Central bank of Libya notifies monthly general planning council and secretariats of GPC of planning and finance with details of development account movement and balance on date of notification, parties depositing and parties to whom amounts are withdrawn.

Article (4)

Central bank of Libya deposits amounts as per para (B) and (C) of article (1) of this law in the accounts of great man made river and authorities for its water investment and NOC on monthly basis and notifies general planning council and GPC secretariats for planning and finance with amounts transferred at once.

Article (5)

To deposit in side assigned account any increase achieved in state's income from oil and gas as result of difference between price and quantity of exported oil and estimations in the budget.

Article (6)

Development account stated in article (3) of this law may not be used for deposit of amounts other than the amounts of budget development. Transfer from development account of this law to be according approvals issued for execution of article (11).

Article (7)

Spending from development account may not be allowed except for programs, schemes and decided items. New programs and schemes may be included in the budget by decision from GPC of planning; and planning council to be notified.

Article (8)

GPC secretariat distributes assigned budget items on executing authorities according request from GPC for planning council.

Article (9)

Executing authorities of development budget distribute its assignments on limited items and schemes with the coordination of secretariat of GPC for planning.

Article (10)

Authorities executing development budget are obliged to submit financial and technical report on execution of development budget to planning council and secretariat of GPC for planning and also planning councils in the Shabiat as follows :-

•  Follow up report for financial year 2005 which should be submitted latest end of February 2006.

•  Follow up report on the first half of 2006 which should be submitted latest end of August 2006.

•  Issue of financial approvals to be subject submission of required reports.

Article (11)

Secretary of GPC for planning will issue financial approvals concerning development according regulations and conditions authorized by GPC secretariat on request of secretariat of GPC for planning and financial approvals in all cases to be issued on written request from the concerned authority.

Article (12)

Parties executing development budget to open bank account concerning development for deposit of amounts which are transferred from development account referred to in article (3) and any other revenues achieved to mentioned authorities according rules in article (10) of law No.(13) for 2001 referred to and withdrawals from this account to be according prevailing regulations.

Article (13)

Transfer from assignments of item to another and from scheme to another in the same item to be by decision from GPC on request from secretariat of GPC for planning according application with reasons from executing authority and planning council to be notified.

Article (14)

With the exception of article (12) of law No.(13) for year 2001 concerning planning, amounts which are not spent from development budget of 2005 and amounts brought forward from previous years development budget will not be carried forward and to be considered as addition to revenues of budget for 2006 according to rules of para 8 of article (10) in law No.(13) for 2001 referred to, and to be included in development account of central bank of Libya. Also to be added to revenues in budget amounts deposited in the account and which are not authorized in financial year 2005.

Article (15)

GPC secretariat to make the necessary arrangements for solving any issues affecting development budget or its financing resources and has right to stop some expenses or limit some if necessary.

Article (16)

This law to be applied from date of issue and to be published in different information means.

Peoples general congress

Issued on 5/1/2006

Attached list in law No.(2) for 2006 concerning approval of development budget for 2006