Economics and Business

A statement of the International Follow-up Committee on Libya’s Economic Working Group

Libyan Cloud News Agency – Tripoli

The co-chairs of the International Follow-up Committee on Libya’s Economic Working Group issued a joint a statement following their plenary meeting on 15 December to discuss the progress of reunifying the Central Bank of Libya with Governor Al-Siddiq Al-Kabir and Deputy Governor Ali Al-Hibri.

The co-chairs said in the statement that Al-Kabir and Al-Hibri summarized recent progress in their efforts to advance the reunification process since the last plenary session on September 9 where Deloitte presented the financial review and reunification roadmap.

According to the statement, both branches have appointed technical teams and agreed on the structure and the organization of the technical work. The Governor and the Deputy Governor voiced strong agreement on the need to reunify the central bank without delay.

The co-chairs emphasized the importance of a reunified central bank to the UNSMIL-facilitated political process and the benefits it will generate for the country’s stability and future, underscoring the necessity to maintain the unity and independence of the country’s sovereign economic and financial institutions. 

The co-chairs, the World Bank and the International Monetary Fund all expressed their willingness and readiness to support reunification efforts with technical assistance, which will require further consultations to forthcoming period.

The co-chairs included ambassadors of Egypt, the EU and the US, along with the Special Adviser to the United Nations Secretary General on Libya.

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