TRIPOLI – The United Nations Envoy to Libya, Stephanie Williams, and the co-chairs of the Economic Working Group of the Berlin Process including Egypt, USA and EU, will convene a technical meeting of representatives of Libya’s main financial institutions at the UN Office in Geneva to reach an agreement on critical policy reforms, the UN Support Mission in Libya (UNSMIL) announced on Friday.
The UN-sponsored meeting is scheduled to take place on December 14-15, according to Alessandra Vellucci, the director of the United Nations Information Service in Geneva.
“The meeting comes at a critical juncture for the Libyan economy, which is suffering from structural issues, aggravated by the impact of the conflict, as well as by a months-long oil blockade for most of 2020, and the COVID-19 pandemic,” UNSMIL said in a statement.
“Besides the loss of $11 billion in oil sales, Libyan foreign reserves have dropped significantly in 2020 due to revenue loss and high expenditures that diverted funds away from development spending,” the Mission added.
“The division within the Central Bank of Libya is also causing a deepening crisis within the banking sector. These dynamics are driving inflation and creating distortions and debts that are impairing the basic functionality of the state.”
The UN affirmed that the meeting will be “an opportunity to make progress towards agreeing on a set of actions to avoid further economic deterioration.”
— UNSMIL (@UNSMILibya) December 11, 2020