No Result
View All Result
Sunday, July 6, 2025
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • 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

At Geneva Libyan economy reform meeting, UNSMIL calls for critical decisions within two days

bySami Zaptia
December 15, 2020
Reading Time: 3 mins read
A A

By Sami Zaptia.

London, 15 December 2020:

Acting UNSMIL head, Stephanie Williams, convened yesterday a technical meeting on critical reforms of the Libyan economy, UNSMIL reported yesterday.  The meeting, co-presided by Egypt, the United States, and the European Union, as co-chairs of the Economic Working Group on Libya of the Berlin Process, and attended by the World Bank, brings together representatives of:

  1. Both branches of the Central Bank of Libya
  2. The Ministry of Finance
  3. The Audit Bureau
  4. The National Oil Corporation (NOC)
  5. Members of the Libyan Experts Economic Commission

UNSMIL reported that the meeting discussed:

RELATED POSTS

A 247,000-bpd oil production increase would achieve US$ 6 billion annually to enhance ability to meet FX demand, maintain strength of LD and achieve economic balance: CBL ‎

Op-Ed: Reputational Damage Is Worse Than Losing Money

  1. Currency reform
  2. The banking crisis
  3. The unification of the national budget
  4. A timetable to implement these reforms

UNSMIL highlighted the fact that the meeting in Geneva is taking place against the backdrop of several promising developments, including:

  • The full resumption of Libyan oil production thanks to the significant efforts of the National Oil Corporation.

It will be recalled that under the Maetig-Hafter oil production/export agreement, he revenues thus far accrued by the NOC are being withheld from the Tripoli CBL pending further progress towards a more durable economic arrangement.

Reunification of Board of Directors of the Central Bank of Libya

The participants also broadly welcomed the decision by the Board of Directors of the Central Bank of Libya to this week convene a board meeting that is expected to tackle unification of the exchange rate.  The unification of Libya’s financial institutions is crucial for the success of the needed economic reforms.

International audit of both branches of the Central Bank of Libya

UNSMIL said it continues to facilitate the international audit review of both branches of the Central Bank of Libya and revealed the audit is now nearly halfway complete. It stressed that it is a vital process to ease the re-unification of the Central Bank and to fully re-establish national accountability mechanisms.

UNSMIL presses for decisions within two days

“I sincerely hope that in the next two days an agreement can be reached on concrete objectives on the issues of currency reform, the cheque clearing crisis, the overall banking crisis, and budget unification as well as on a clear timetable for actions to be taken to implement these reforms,” Williams said addressing the meeting.

She reiterated that, “Time is not on your side. We need to move quickly and decisively, and I count on you to take these important steps in the coming two days.”

 

The CBL-NOC tug-of-war on authority over Libya’s oil revenues continues | (libyaherald.com)

 

Maetig publishes details of ‘‘agreement’’ with Hafter for resumption of oil exports | (libyaherald.com)

 

The Maetig-Hafter proposal to resume oil exports: Analysis | (libyaherald.com)

 

The Economic Working Group Co-Chairs call for a Libyan negotiated solution that addresses its deepening economic crisis | (libyaherald.com)

 

CBL unified board holds a ‘‘preliminary’’ meeting | (libyaherald.com)

 

Hafter announces he will permit restart of oil production and exports, but fails to withdraw forces and mercenaries from oilfields | (libyaherald.com)

 

Related Posts

Libya Herald exclusive: Responding to the prime minister’s call yesterday to the private sector and banks to do more, leading businessman Husni Bey responds
Business

Op-Ed: Reputational Damage Is Worse Than Losing Money

July 2, 2025
Libyan Russian Economic Forum starts in St. Petersburg
Libya

Libyan Russian Economic Forum starts in St. Petersburg

June 27, 2025
MoI establishes Elections Security and Protection Department
Libya

Aldabaiba and Menfi stress use of polling feedback to establish consensus basis for constitutional process: report and analysis

June 26, 2025
GNU to take oath at Benghazi HoR session and budget to be approved at Tripoli session: GNU
Libya

“There is no state built by gangs and criminality, it’s built by engineers, youth, consultants, security, police and army”: Aldabaiba

June 23, 2025
GNU to take oath at Benghazi HoR session and budget to be approved at Tripoli session: GNU
Libya

187 new security posts taken over from militias – PM declares victory for the state as all vital Tripoli sites come under its exclusive control for the first time since 2011

June 19, 2025
Interior Ministry’s Diplomatic Missions Protection personnel receiving training in Ukraine
Libya

The Interior Ministry had spent LD 50 billion in 13 years with no result: Acting Interior Minister Trabelsi

June 17, 2025
Next Post

Air ambulance receives new plane, purchases three helicopters and establishes new maintenance centre

Constitutional HoR meets in Benghazi with 20 members, looking isolated and unrepresentative

ADVERTISEMENT

Top Stories

  • CBL goes public at last about the counterfeit LD 50 notes – notes to be withdrawn until end of August

    CBL reveals discovery of LD 3.5 billion in counterfeit 50-dinar notes printed in Russia – PM calls on Attorney General to open investigation

    0 shares
    Share 0 Tweet 0
  • Op-Ed: Reputational Damage Is Worse Than Losing Money

    0 shares
    Share 0 Tweet 0
  • CBL demands imports are conducted through official banking instruments and the elimination of the FX black market

    0 shares
    Share 0 Tweet 0
  • Three Libyan companies win awards in Athens International Olive Oil Competition ‎

    0 shares
    Share 0 Tweet 0
  • All imports into Libya must be paid for through official bank transactions

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
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

A 247,000-bpd oil production increase would achieve US$ 6 billion annually to enhance ability to meet FX demand, maintain strength of LD and achieve economic balance: CBL ‎

Op-Ed: Reputational Damage Is Worse Than Losing Money

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.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

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

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.