Peace dividend for Libya economy, as oil flows and Central Bank unifies exchange rate after years of deadlock miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.
By Sami Zaptia.
London, 16 December 2020:
UNSMIL reported yesterday that it has been unable to get the Libyan Political Dialogue Forum (LPDF), gathered virtually yesterday, to agree on a new mechanism for choosing Libya’s new unified government. The LPDF failed to even agree on the decision-making threshold for the selection mechanism for the new government.
This new Government of National Unity (GNU) would act in an interim manner guiding Libya’s necessary constitutional arrangements and holding election in December 2021.
Publicising Stephanie Williams virtual speech to the LPDF, UNSMIL reported that it was only able to reach 71 out of the 75 members of the LPDF. Only 50 of these voted while 21 abstained. UNSMIL said it was unable to reach 2 participants, while one participant withdrew prior to the vote from the dialogue for personal reasons. The 75
A timetable to implement these reforms
UNSMIL highlighted the fact that the meeting in Geneva is taking place against the backdrop of several promising developments, including:
The full resumption of Libyan oil production thanks to the significant efforts of the National Oil Corporation.
It will be recalled that under the Maetig-Hafter oil production/export agreement, he revenues thus far accrued by the NOC are being withheld from the Tripoli CBL pending further progress towards a more durable economic arrangement.
Reunification of Board of Directors of the Central Bank of Libya
The participants also broadly welcomed the decision by the Board of Directors of the Central Bank of Libya to this week convene a board meeting that is expected to tackle unification of the exchange rate. The unification of Libya’s financial institutions is crucial for the success of the needed economic reforms.
By Sami Zaptia.
London, 10 December 2020:
The Governor of the Tripoli Central Bank of Libya (CBL), Saddek El-Kaber, has invited the split CBL Board of Directors to attend the first official reunified Board meeting on 17
th December. The meeting will be held virtually.
The call by El-Kaber came in a widely leaked letter directed from him to Board members.
It will be recalled that on Monday (7 December), the Tripoli CBL had reported that a ‘‘preliminary’’ meeting of all the Board members was held on that day. It had set out an informal agenda.
If the official meeting does take place, it would be the first meeting of the full Board since 2014 when Libya split politically.