The Government of National Accord’s (GNA) Deputy Prime Minister, Ahmed Maiteeq, revealed the details of the agreement on oil revenues resulting from the Libyan-Libyan dialogue.
In a statement on his Facebook page, Maiteeq clarified the tasks of the Joint Technical Committee, which is formed to oversee oil revenues and ensure a fair distribution of resources. He did not mention the composition of the committee and the identity of its members.
He explained that the committee will coordinate between the two parties in preparing a unified budget that meets the needs of each party according to its estimated expenditures. It will reconcile any disagreement about allocations and place them in its final framework, whose implementation by both parties will be considered binding.
The committee supervises the transfer of funds allocated in the budget to the two parties, through the Ministry of Finance, in accordance with what is agreed upon in the budget. The transfer is made monthly to pay salaries, while allocations for Chapters Two, Three, and Four are made quarterly.
The statement points out that the Central Bank of Libya (CBL) is obligated to cover the monthly and quarterly payments approved in the budget without any delay.
The committee is also concerned with supervising the transfer of Chapter Three allocations and also supervising its spending in the aspects and projects agreed upon in the budget. It undertakes the investigation of complaints of commercial banks in order to facilitate their work with the CBL, the statement added.
The statement also specified that the committee supervises the progress of the clearing operations and the payment system, thus ensuring that no procedure is disrupted or suspended except for good reasons. It also ensures that no party interferes in these processes and that their procedures are normal, as long as they are not flawed, such as in money laundering.
It also considers requests for additional allocations for the first item of the budget only, which is related to basic salaries and the employer’s share in insurance as well as medical liability insurance, without any other items from Chapter One, according to the statement.
The committee is in charge of handling the public debt of each of the parties and providing an appropriate mechanism for gradually repaying it. It also has the right to seek the assistance of experts it deems appropriate in the performance of his job and in the area of its competence, Maiteeq said in his statement.
The Deputy PM concluded that the committee would continue the work entrusted to it until the formation of a national unity government which is meant to take over the administration of the country.