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UN warns of the consequences of the central bank crisis on Libya’s economy

Rhino: Agencies – The United Nations Support Mission in Libya (UNSMIL) issued a statement late Monday expressing its “deep regret at the state of affairs in Libya as a result of unilateral decisions.”
Disputes over control of the Central Bank of Libya have raised concerns about the potential misuse of the country’s financial resources.
“UNSMIL intends to convene an emergency meeting attended by the parties involved in the CBL crisis to reach a consensus based on political agreements and applicable laws, and on the principle of the independence of the Central Bank and ensuring the continuity of public service,” the statement said.
The UN mission called for “the suspension of all unilateral decisions … the immediate lifting of force majeure on the oil fields … de-escalation and refraining from the use of force … and ensuring the safety of the Central Bank’s employees.”
Libya’s economy is heavily dependent on oil revenues, and there have been moves to impose force majeure on the oil fields, which would mean cutting off the country’s main source of income.
Earlier on Monday, the eastern-based government announced that oil fields in eastern Libya, which account for almost all of the country’s production, would be shut down and production and exports halted after a dispute erupted over the leadership of the central bank.
There was no confirmation from the internationally recognized government in Tripoli or the National Oil Corporation (NOC), which controls Libya’s oil resources.

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