TRIPOLI, Nov. 18 (Xinhua) -- Libya's High Council of State announced on Tuesday that it has reached an agreement with the eastern-based House of Representatives, in coordination with the Central Bank of Libya, to unify the spending mechanism between the country's rival administrations.

In a statement issued from its headquarters in Tripoli, the High Council of State, an advisory body for the Tripoli-based Government of National Unity (GNU) that review legislation and advise on policy, said the agreement establishes a unified financial pathway that ensures sound management of public resources, protects public funds, and enhances transparency in directing expenditures toward development projects aimed at improving services and infrastructure across Libya.

It stressed that halting the parallel spending previously carried out by the eastern-based government marks an important step toward ending duplication and random expenditures, helping to establish clear rules for public administration that support stability and serve citizens' interests.

Libya remains divided between two rival governments: the internationally recognized GNU, which governs the western part of the country, and a government aligned with the House of Representatives in Benghazi, controlling the east and some southern cities. The country, a major oil producer, has lacked a unified budget for more than a decade.

In a statement published on its official Facebook page on Tuesday, the Central Bank of Libya welcomed the agreement as a necessary precautionary measure to protect the macroeconomy from crises previously warned of by its board of directors, affirming its commitment to cooperate with all national parties to ensure the agreement's success and achieve its objectives.

So far, the eastern-based House of Representatives has not commented on the agreement. Enditem