Egypt, USA, EU to Discuss Libyan Policy Reforms

Egypt, USA and EU will attend, on December 14, 15, a technical meeting of representatives of Libyan main financial institutions at the UN Office in Geneva to reach an agreement on critical policy reforms.

UNSMIL issued a statement, announcing that Acting Special Representative of the United Nation’s Support Mission In Libya Stephanie Williams and the co-chairs of the Economic Working Group of  Berlin will convene a technical meeting of representatives of Libya's main financial institutions at the UN Office in Geneva.

“These efforts are being undertaken to address the needs of the Libyan people and establishing a more durable and equitable economic arrangement,” the statement said.

“The meeting comes at a critical juncture for the Libyan economy, which is suffering from structural issues, aggravated by  the impact of the conflict, as well as by a months-long oil blockade for most of 2020, and the COVID-19 pandemic,” it added.

“Besides the loss of $11 billion in oil sales, Libyan foreign reserves have dropped significantly in 2020 due to revenue loss and high expenditures that perted funds away from development spending,” it mentioned, asserting that “The pision within the Central Bank of Libya is also causing a deepening crisis within the banking sector. These dynamics are driving inflation and creating distortions and debts that are impairing the basic functionality of the state.”

On her part, Williams , held on Thursday a virtual consultative meeting for the Libyan Political Dialogue Forum (LPDF).

“Today I heard many of you stressing the need to move forward promptly, and that is a very positive indication,” Williams said, emphasizing that it is the Libyan people’s right to decide on a way forward and that they should “seize this opportunity” to achieve tangible progress in the political process.