UN expresses concern over worsening economic situation in Libya
(MENAFN) The United Nations Support Mission in Libya (UNSMIL) issued a statement late Monday expressing grave concern over the worsening situation in Libya, particularly regarding unilateral decisions affecting the country's Central Bank. The statement highlighted the risks of misusing Libya’s financial resources amid ongoing disputes over control of the Central Bank.
In response to the crisis, UNSMIL announced plans to convene an emergency meeting involving all parties implicated in the Central bank dispute. The objective is to achieve a consensus that aligns with political agreements, applicable laws, and the principle of maintaining the central bank’s independence. The mission has called for the suspension of unilateral decisions, the lifting of force majeure on oil fields, and an end to escalations and the use of force. Additionally, UNSMIL is urging the protection of Central Bank employees.
Libya's economy heavily depends on oil revenue, and recent developments have raised concerns about the impact on this crucial sector. The imposition of force majeure on oil fields has effectively severed the country’s primary income source. On Monday, Libya’s eastern-based administration ordered the closure of oilfields in eastern Libya, which are responsible for nearly all of the nation's oil production. This move has halted both production and exports amid rising tensions over the Central Bank’s leadership.
As of now, there has been no confirmation of these actions from Libya's internationally recognized government in Tripoli or the National Oil Corp. (NOC), which oversees the country’s oil resources. The situation remains fluid, with significant implications for Libya's economic stability and governance.
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