On Thursday, the United Nations Support Mission in Libya (UNSMIL) commended the recent breakthrough between Libya’s rival factions regarding the leadership of the Central Bank of Libya (CBL). Acting head of UNSMIL, Stephanie Khoury hailed the agreement as a major step towards securing Libya’s financial stability after years of political and economic turmoil.
The UN diplomat emphasized that this agreement focuses on promoting good governance and ensuring the independence of the Central Bank from political interference. She stressed that this move represents a crucial turning point for Libya’s financial system, which has been plagued by divisions and mismanagement.
Khoury’s remarks reflect the UN’s broader support for Libya’s efforts to stabilize its institutions and create a transparent financial environment. The hope is that the agreement will pave the way for broader economic reforms and the eventual unification of Libya’s divided political landscape.
She also underscored the urgent need to lift the shutdown of Libya’s oil fields and resume production and exports, which have been severely disrupted. She revealed that UNSMIL has received commitments from officials in eastern Libya to reopen oil fields and ports soon, marking a critical step toward addressing the country’s economic crisis.
Libya’s economy is heavily dependent on oil revenues, which fund a significant portion of its budget. The prolonged shutdown of oil production has exacerbated Libya’s financial struggles, increasing inflation and depriving the country of much-needed revenue. Khoury stressed that reopening the oil fields is essential for stabilizing the economy and ensuring the success of the Central Bank agreement.
The UNSMIL Acting Head further emphasized the importance of keeping Libya’s natural resources, particularly its oil wealth, out of political conflicts. She warned that using these resources as leverage in internal struggles could have disastrous consequences for the country. Khoury called for all factions to work together to protect Libya’s resources for the benefit of all citizens, adding that the international community strongly supports these efforts.
Khoury also cautioned against the risks posed by unilateral decisions, warning that such actions could deepen divisions and prolong Libya’s instability. She urged all political actors to suspend any unilateral measures and focus instead on fostering dialogue and cooperation.
She reiterated that UNSMIL has not interfered in the selection of Central Bank leaders or any decisions regarding key financial positions, stating that these matters should be determined by Libyans themselves.
