Technical meeting on Libyan economic reforms held in Geneva

Stephanie Williams, Acting Special Representative of the UN Secretary-General for Libya, held a technical meeting on critical reforms of the war-torn country’s economy.

In a statement, the UN Support Mission in Libya (UNSMIL) said Monday’s meeting in Geneva was attended by representatives of Libya’s main financial institutions, along with officials from the UN, Egypt, the US, the European Union and the World Bank to discuss the country’s currency reform, the banking crisis, the unification of the national budget, including a time table to implement these reforms, reports Xinhua news agency.

“The meeting in Geneva is taking place against the backdrop of several promising developments, including the full resumption of Libyan oil production thanks to the significant efforts of the National Oil Corporation (NOC),” the statement said.

“The revenues thus far accrued by the NOC are being withheld pending further progress towards a more durable economic arrangement.”

The UN mission stressed the importance of the unification of Libya’s financial institutions for the success of the needed economic reforms, confirming that it will continue to facilitate the international audit review of both branches of the Central Bank of Libya.

“It is a vital process to ease the re-unification of the Central Bank and to fully re-establish national accountability mechanisms,” the statement said.

Libya plunged into chaos after the fall of late leader Muammar Gaddafi’s government in 2011, witnessing prolonged conflict between the eastern-based Libyan National Army and the UN-backed Government of National Accord in the country’s west.

The warring parties signed a UN-sponsored permanent ceasefire agreement in Geneva on October 23.

At an intra-Libya dialogue brokered by the UN held in Tunisia from November 7-15, representatives agreed on a roadmap to credible, inclusive and democratic national elections, and set December 24, 2021 for the general elections to take place.