No Result
View All Result
Thursday, June 1, 2023
22 °c
Tripoli
22 ° Fri
23 ° Sat
24 ° Sun
24 ° Mon
  • Advertising
  • Contact
LibyaHerald
 
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Libya

Libya’s Audit Bureau discusses audit of Central Banks of Libya with UN Experts Panel

bySami Zaptia
May 8, 2020
Reading Time: 3 mins read
A A
12
SHARES
53
VIEWS
Share on FacebookShare on Twitter

By Sami Zaptia.

London, 8 May 2020:

Libya’s Tripoli based Audit Bureau reported that it had held a video conference with the UN’s Libya Experts Panel last Wednesday (6 May) and discussed the following four subjects:

  1. Requirements for the completion of the international audit of the Central Bank of Libya (CBL) and the importance of observing local laws.
  2. The way in which public funds are spent and the requirements for achieving social justice in public spending.
  3. Regulatory operations carried out by the Audit Bureau on sovereign institutions in particular the CBL and the Libyan Investment Authority (LIA).
  4. The importance of providing international support and cooperation with the Audit Bureau to support it in achieving effective control over public funds.

It will be recalled that one of the major grievances by eastern Libya against Tripoli is the perception, rightly or wrongly, that more of Libya’s oil money is spent on western Libya than on the east.

RELATED POSTS

CBL temporarily suspends chairman and directors of ATIB

LD 4.6 bn in cash delivered by Tripoli CBL to eastern banks: CBL Benghazi

The east accuses the Tripoli CBL of being corrupt and of, directly or indirectly, funding western militias, Islamists and extremists. These grievances, as well as others, have been exploited, leveraged and used to agitate some of the populous in the east and partly justify the current military campaign against Tripoli.

Equally, Faiez Serraj, the internationally-recognised prime minister of Libya had called upon the UN in 2018 to organise an independent audit of both the Tripoli and eastern CBL’s prior to any reunification of the two branches.

In July 2019, the UN had announced that it was reopening the tender bidding process for the financial audit review of the two branches of the Central Bank of Libya (CBL).

It said that the current tender was being issued openly after the closed bidding process, which was launched in early 2019 and ended in April, did not produce a contract with one of the Big Four auditing firms.

UNSMIL had said that restoring confidence, promoting transparency, and supporting the reunification of Libya’s financial and economic institutions are crucial to Libya’s stability and the prosperity. It had added that it remained committed to facilitating a financial audit review of the two branches of the Central Bank of Libya (CBL) as requested by Prime Minister Sarraj in 2018.

It will be recalled that the then Secretary General’s Special Representative and UNSMIL head, Ghassan Salamé, had convened the governors of the two branches on two separate occasions in 2018 in order to agree the Terms of Reference (TOR) for the financial audit review.  The international financial institutions were also consulted during the process.

On 23 July 2019, the United Nations Office for Project Service (UNOPS), at the request of UNSMIL, re-opened the bidding process for a financial audit review of the two branches of the CBL. The tendering process was to remain open for three weeks after which the UN would select the best offer based on international standards after having consulted the two CBL branches. The tender was based on a Terms of Reference (TOR) for the audit review agreed upon by the two governors of the two CBL branches.

UNSMIL had said that it intends to conduct the financial audit review in a collaborative manner with the objective of creating greater transparency and the conditions for eventual unification of the CBL. It said that this is an extraordinary process intended to lay the basis for restoring financial integrity, accountability, and public confidence and enable Libyan institutions to resume their normal functions and capacities.

 

 

 

UN reopening tender process for audit of Libya’s two CBL branches

 

UNSMIL’s Williams meets eastern CBL to talk reform, audit and reunification

 

CBL Governors meet in Tunis to agree international audit process

 

UNSMIL confirms Tunis CBL Governors’ meeting between El-Kaber and Hibri on auditing the CBL

 

UNSC responds positively to Libyan request for audit of spending by its Central Banks

 

 

 

Tags: AB Audit BureauauditCBL Central Bank of LibyaCBL TripoliFaiez Serraj Presidency Council Government of National Accord PC GNAfeaturedLibya UNSMILUN Experts Panel report
Share5Tweet3Share1

Related Posts

Attorney General orders arrests at Jumhouria bank branch for embezzlement
Libya

Members of illegal organizations given imprisonment and death sentences by Misrata Criminal Court

May 30, 2023
State recognised militia and Libyan Army clash in central Tripoli
Libya

State recognised militia and Libyan Army clash in central Tripoli

May 29, 2023
FDCC destroys non-conforming shipments of medicines, calls on suppliers to respect Libyan health standards
Libya

FDCC destroys non-conforming shipments of medicines, calls on suppliers to respect Libyan health standards

May 29, 2023
GNU to take oath at Benghazi HoR session and budget to be approved at Tripoli session: GNU
Libya

Tripoli Libyan government conducts drone strikes against criminal hideouts in western coast

May 25, 2023
AmCham Libya Networking Breakfast
Libya

US Embassy in Tripoli announces easing of visa protocol: One-year multiple entry visas now replace three-month single-entry visas

May 24, 2023
Ten former antagonists, now presidential candidates, including Hafter, Bashagha and Maetig gather in Benghazi
Libya

Bashagha suspended by HoR as eastern-based prime minister

May 19, 2023
Next Post

NOC to produce LPG in Sharara Oil field for local consumption

EU strongly condemns indiscriminate shelling of civilians in Tripoli by Hafter forces – killing at least 5 civilians

 

Advertise on LibyaHerald

Reach thousands of our site visitors daily

240 x 400px

Advertise Here
ADVERTISEMENT

Top Stories

  • State recognised militia and Libyan Army clash in central Tripoli

    State recognised militia and Libyan Army clash in central Tripoli

    217 shares
    Share 87 Tweet 54
  • Tripoli Libyan government conducts drone strikes against criminal hideouts in western coast

    139 shares
    Share 56 Tweet 35
  • The Tripoli Libyan Ministry of Transport confirms development plan for Libya-Tunisia Ras Jedir border crossing

    64 shares
    Share 26 Tweet 16
  • Members of illegal organizations given imprisonment and death sentences by Misrata Criminal Court

    45 shares
    Share 18 Tweet 11
  • US Embassy in Tripoli announces easing of visa protocol: One-year multiple entry visas now replace three-month single-entry visas

    112 shares
    Share 60 Tweet 22
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

Sirte Oil Company’s smart fields give it higher efficiency, more accurate real-time data for timely decisions

Members of illegal organizations given imprisonment and death sentences by Misrata Criminal Court

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    No Result
    View All Result
    • Login
    • Sign Up
    • Cart
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Sign In with Facebook
    Sign In with Linked In
    OR

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Sign Up with Facebook
    Sign Up with Linked In
    OR

    Fill the forms bellow to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
    Are you sure want to unlock this post?
    Unlock left : 0
    Are you sure want to cancel subscription?