unified

Libya shows it is ‘capable of overcoming its differences’ with rare budget deal, central bank says.

Libya’s rival legislative bodies have approved a unified state budget for the first time in more than a decade, in a rare moment of cooperation in a country fractured by years of conflict.

The Central Bank of Libya confirmed on Saturday that both chambers had endorsed the budget, describing the move as a step towards restoring financial stability after prolonged division.

Governor Naji Issa said the agreement showed the country could overcome internal rifts.

“This is a clear declaration that Libya is capable of overcoming its differences when a unified vision for its future is forged,” he said during a signing ceremony in Tripoli.

Libya has remained split since the 2014 civil war, which created rival administrations in the east and west. The last time the country operated under a single national budget was in 2013.

The deal brings together the eastern-based House of Representatives (HoR) and the Tripoli-based High Council of State, two institutions that have long competed for authority.

Representatives from both sides signed the agreement in the capital, where the internationally recognised Government of National Unity is based under Prime Minister Abdul Hamid Dbeibah.

Despite the breakthrough, political divisions remain entrenched. In the east, forces loyal to Khalifa Haftar maintain control over large parts of the country, including key oil-producing regions.

His self-styled Libyan National Army dominates major export terminals along the northeastern coast, as well as significant oil fields in the south and southeast.

The timing of the agreement underscores Libya’s growing importance in global energy markets. Demand for its crude has increased amid disruptions linked to the Israel-US war on Iran and the blockade of the Strait of Hormuz.

Libya’s geographic position offers a critical advantage. Oil shipments from its ports reach European refineries quickly and avoid the risks associated with Gulf routes, including military escorts and high insurance costs.

Its light, sweet crude also meets the needs of European refiners facing ongoing supply challenges.

Previous attempts to stabilise Libya’s energy sector have relied on informal arrangements rather than institutional agreements. In 2022, during another period of energy crisis triggered by the war in Ukraine, key figures from rival factions struck a deal to keep oil flowing.

The new budget agreement signals a shift towards more formal cooperation, even as Libya’s political fragmentation persists.

World championship boxing returned to the historic Kensington venue for the first time in decades. The Olympia had previously staged headline fights involving stars such as Chris Eubank Jr and Prince Naseem Hamed.

Harper strode towards the centre of the 19th-Century grand hall, buoyed by her travelling Yorkshire faithful.

Dubois, who once pretended to be a boy named Colin so she could be allowed to box, also received a warm reception as she entered to “I’m Every Woman” by Whitney Houston.

The fight had been a long time coming, and the rivalry had grown increasingly tense in the build-up. Dubois repeatedly questioned Harper’s achievements and credentials, while Harper shoved Dubois during a fiery media face-off earlier in the week.

By the halfway stage, however, the contest had not quite lived up to the hype, with Dubois edging the rounds through steady work to the body.

Then, suddenly, the fight came alive. Dubois set up a knockdown with a sharp double jab followed by a left hook, sending Harper to the canvas.

Harper rose to her feet as Dubois leapt in celebration, prompting the referee to warn her for failing to return to her corner.

Dubois increased the pressure. She landed thudding southpaw left hands in the seventh and eighth as blood began to drip from a cut on the inside of ‘Belter’ Harper’s left eye.

Watching from ringside was pound-for-pound star Claressa Shields, shouting encouragement for Dubois.

A strong combination from Dubois in the ninth suggested a stoppage might be imminent, but Harper rallied to land shots to Dubois’ head in the 10th and final round.

“Terri is very tricky; she navigated herself very well and it was up to me to push the pace,” Dubois told BBC Radio 5 Live.

“She is a champion and she doesn’t like to lose, but neither do I.

“The better woman won tonight and I hope she can give me my respect.”