On Monday, the Special Adviser to the UN Secretary-General on Libya (SASG), Stephanie Williams stressed that the independence and integrity of the National Oil Corporation (NOC), the Libyan Investment Authority (LIA), and the Central Bank of Libya (CBL) must be shielded from political issues.
The UN adviser stressed that these sovereign institutions “belong first and foremost to the Libyan people, and should not be subjected to arbitrary pressures or weaponized for the benefit of one party or another.”
“Transparent management and distribution of the wealth of the Libyan people should be a shared objective,” she affirmed.
On Thursday, the Chargé d’Affairs of the US Embassy in Libya, Leslie Ordman held a virtual meeting with the Head of the LIA, Ali Mahmoud.
Mahmoud outlined the LIA’s efforts to improve its transparency and management.
Ordman stressed the need to ensure that the LIA remains independent and technical. He stated that the funds held by the LIA would remain protected, until assets are unfrozen at a future date. These can then be put to work for the betterment of all Libyans.
Earlier this month, European Union’s Ambassador to Libya, Sabadell Jose stressed that the country’s oil revenues must continue and benefit all Libyans.
“In current exceptional circumstances, in Libya and globally, it is for Libyans to ensure that oil revenues continue and benefit all Libyans. Independence and neutrality of institutions like the NOC and the CBL, and open dialogue to define critical expenditures are needed,” Jose stressed.
“At the same time, additional income from increased oil prices must be preserved to benefit future investments and contribute to stability and prosperity. An independent and well-resourced NOC and a unified CBL are indispensable,” he added.
“All this was discussed at a timely and forward-looking meeting in Tripoli of the Economic Working Group. Very good dialogue with both branches of CBL and Finance Ministry together with co-chairs the United Nations Support Missions in Libya (UN), the US Embassy in Libya and Egypt,” the Ambassador noted.