UNSMIL Announces Launch of International Financial Review in Central Bank of Libya

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On Monday, Acting Special Representative of the Secretary-General, and Head of the United Nations Support Mission in Libya (UNSMIL), Stephanie Williams, announced the finalisation of the process to initiate an international audit of the two branches of the Central Bank of Libya.

In a statement, UNSMIL said that the international audit of the Central Bank aims to restore integrity, transparency and confidence in the Libyan financial system. It also looks to create the necessary conditions for the unification of the two financial institutions.

On the 13th September 2018, UN Security Council Resolution 2434, mandated UNSMIL to support the requested financial review process. The Mission added that equally important, was to have an informed dialogue on the equitable distribution of national revenue, and to re-establish national accountability mechanisms.

Beyond its UN Security Council mandate, the international audit review is a top priority for the ‘International Follow Up Committee for Libya’ established after the Berlin Conference. As the process begins, the international community and the Libyan people, will be watching closely to ensure that all parties fully cooperate with the audit.

UNSMIL also urged for the immediate lifting of the blockade imposed by the Libyan National Army (LNA), on Libya’s oil facilities. The National Oil Corporation (NOC) has warned that a continuation of the blockade risks further damage to Libya’s vital oil infrastructure, and pipeline network. The NOC must be allowed to fully resume its operations for the benefit of all Libyans, and the future of the country. UNSMIL hopes that the international community will fully support this urgent call.