The European Union Ambassador to Libya, Jose Sabadell expressed his approval of the Libyan Presidential Council’s decision to establish a financial oversight committee, labelling it as a “positive step.”
In a tweet, Sabadell stated that the creation of the committee “is a significant stride towards ensuring that Libya’s resources work for all Libyans, and towards fostering unity.”
He concluded his tweet by stating that the “economy should serve as a driving force for peace and not conflict.”
On Saturday, the United Nations Support Mission in Libya (UNSMIL) welcomed the establishment of the committee.
The committee aims to address significant issues related to the transparency of public expenditures, and the fair distribution of national resources.
In a statement, UNSMIL lauded the continuous efforts of Mohammed Al-Mnifi, the Head of the Presidential Council, and all other parties involved who tirelessly facilitated the consensus on this vital mechanism.
It took note of the broad-based political agreement reflected in the committee’s diverse composition. The committee includes representatives from the Libyan Parliament, the High Council of State (HCS), the Government of National Unity (GNU), the Libyan National Army (LNA), the Audit Bureau, the Administrative Control Authority, and the National Oil Corporation (NOC), in addition to the Presidential Council.
UNSMIL believes that “this inclusive approach will help ensure equal opportunities for all candidates in the impending elections. It will also foster transparency in the spending of public funds and promote a fair distribution of national resources.”
In its closing remarks, it called on this consensus-driven initiative to “act as a beacon for Libyan leaders and institutions in resolving all controversial issues related to the nation’s concerns.”
Libya has been grappling with political instability and internal conflict since the overthrow of Muammar Gaddafi in 2011. The nation is rich in oil reserves, making it an important player in the global energy market, but it has struggled to maintain a fair and transparent system for managing these resources.