The Tripoli based Libyan government reported last Friday (21 November) its delegation currently visiting Washington DC met in DC with Eric Meyer, Assistant Secretary of the Treasury for the Middle East and Africa, to discuss economic and financial cooperation between Libya and the United States.
The Libyan delegation included Mahmoud Al-Futaisi, Director General of the National Economic and Social Development Board (NESDB); Khaled Al-Mabrouk, Minister of Finance; Hussein Safar, a member of the Board of the National Oil Corporation; and Mustafa Kashada, Director of the Department of Institutions and International Cooperation at the Ministry of Finance.
The Libyan side reviewed the progress of the public finance reform programme, particularly the implementation of the unified treasury account for salaries and revenues, steps to reduce parallel spending and enhance fiscal discipline, and the plan to develop the tax system and broaden the revenue base.
The two sides discussed the challenges related to international financial transfers and ways to facilitate Libyan financial and commercial transactions. The US Treasury Department stressed the importance of unifying the general budget and adhering to the procedures of the Office of Foreign Assets Control (OFAC) in any arrangements concerning the investment of proceeds from frozen Libyan assets.
Both parties agreed to continue coordinating to support the economic and financial reform process in Libya.
