The Libyan Investment Authority (LIA) announced on Thursday the completion of its consolidated financial statements, encompassing all its companies, funds, and portfolios. This significant financial milestone is achieved in collaboration with Deloitte, one of the world’s leading accounting and auditing experts.
In a statement, the LIA highlighted that this accomplishment “marks a first in its history, setting a standardized benchmark for financial reporting.” Deloitte supervised the refinement and evaluation of these statements.
The LIA indicated that “all tasks related to the compilation and analysis of the consolidated financial data were completed, in accordance with internationally recognized accounting standards.”
The dedicated accounting and auditing team at the LIA exerted substantial and continuous efforts to ensure the accuracy and quality of the consolidated financial statements, in cooperation with their international partners.
The financial data was meticulously analyzed to ensure accurate and reliable information, reflecting a comprehensive picture of the LIA’s financial status.
The LIA emphasized that the new financial standard “meets the needs of both the Libyan Investment Authority and its stakeholders for making strategic decisions. It ensures control over operations, risk management, and addresses and resolves inherited accounting issues.”
This development, “represents a significant step in enhancing transparency and accountability in its financial operations. It not only aligns the LIA with international accounting standards but also provides a robust framework for strategic decision-making and risk management within the organization.”
Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations.
Libya’s economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya’s economy.
The conflict has led to a significant humanitarian crisis in Libya, with thousands of people killed, and many more displaced. Migrants and refugees using Libya as a transit point to Europe have also faced dire conditions.