On Saturday, the Acting Head of the United Nations Support Mission in Libya (UNSMIL), Stephanie Khoury, praised the recent agreement between Libya’s House of Representatives and the High Council of State (HCS) regarding the Central Bank of Libya.
In a statement, the UN diplomat called it a pivotal moment that could pave the way for resolving deeper national challenges, such as the unification of state institutions and the eventual holding of long-delayed general elections.
Khoury described the agreement as a positive, excellent, and necessary step in addressing the financial crisis that has crippled the Central Bank for years.
She urged Libya’s political bodies to build on this momentum by moving forward with the crucial task of appointing a new Governor and Deputy Governor for the bank. Khoury commended both councils for their efforts in reaching this agreement and acknowledged the involvement of other key stakeholders in the negotiations.
The United Nations recently confirmed that representatives from the House of Representatives and the High Council of State had agreed to a seven-point plan aimed at resolving the ongoing crisis within the Central Bank. This breakthrough, reached last Thursday, is seen as a significant step towards restoring economic stability in Libya.
The Central Bank of Libya has been divided between rival factions for years, reflecting the broader political fragmentation that has plagued the country since the 2011 overthrow of Muammar Gaddafi.
The new agreement holds the potential to resolve these longstanding issues, offering hope that the Central Bank can be unified and restored to its full function. If successful, this could bolster confidence in Libya’s financial sector and create a stable environment conducive to national elections.
Libya’s journey to peace and stability has been fraught with obstacles. Over the years, the international community has repeatedly urged Libya’s leaders to overcome their divisions and work together to rebuild the nation. The successful implementation of this agreement will test their resolve to do so.
