UN holds emergency meeting amid Central Bank of Libya crisis, halted oil production

(MENAFN) The United Nations Support Mission in Libya has announced plans to convene an emergency meeting aimed at addressing the escalating crisis surrounding the Libyan Central Bank. This decision follows a severe political standoff, marked by the eastern authorities' suspension of oil production and exports. The mission's statement underscores the urgency of the situation, emphasizing the need for a consensus among involved parties based on political agreements, applicable laws, and the principles of central bank independence and public service continuity.

On Monday, the eastern Libyan authorities took a dramatic step by halting all oil production and exports. This action was in direct response to the internationally recognized government in Tripoli's takeover of the Central Bank's headquarters and the dismissal of its governor, Al-Siddiq Al-Kabeer. The eastern government, aligned with the House of Representatives and based in Benghazi, declared a state of force majeure affecting all oil fields and ports, reflecting the gravity of the political conflict and its impact on Libya's oil sector.

The turmoil has been further fueled by the establishment of a new board of directors at the Central Bank by a committee appointed by Tripoli's Presidential Council. This move has exacerbated tensions, leading to the current halt in oil activities as the eastern authorities protest the perceived overreach. The UN's planned emergency meeting aims to facilitate dialogue and seek a resolution to restore stability and ensure the continuity of essential public services amidst this ongoing dispute.

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