On Sunday, Libya urged the international community to implement major reforms to the global financial system, including changes to economic governance structures, in a call to the United Nations General Assembly.
This appeal was made on October 8, 2024, during Libya’s participation in the Second Committee’s annual general debate.
Representing Libya, Minister Plenipotentiary Intisar Al-Tamazini emphasized the urgent need for more effective mechanisms to address the global debt crisis and provide long-term financing for sustainable development. With the funding gap growing wider, Libya stressed that international reforms are essential to help developing nations like itself recover economically.
In her address, Al-Tamazini highlighted the critical need for reforms in the international financial system, particularly regarding how the global debt crisis is managed. Libya, alongside many other developing nations, has been deeply impacted by debt challenges exacerbated by years of political and economic instability.
Al-Tamazini stressed the importance of establishing a more efficient system for debt resolution and sustainable financing. This, she noted, would be vital in helping Libya and other countries secure long-term funding for development projects that drive economic recovery and stability.
A major part of Libya’s appeal focused on the recovery of stolen assets that were illegally transferred out of the country during its years of conflict. Al-Tamazini called on the international community, especially the nations where these funds are held, to cooperate in uncovering these assets and facilitating their return to Libya.
Recovering these assets would provide crucial resources for the country’s ongoing efforts to rebuild its economy and restore public services, including healthcare, education, and infrastructure. Libya’s request underscores its determination to reclaim the financial resources needed to rebuild after a decade of turmoil.
