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UN convenes technical meeting between Libyan economic institutions for 14-15 December

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UN convenes technical meeting between Libyan economic institutions for 14-15 December

A technical meeting between representatives of Libya’s main financial institutions has been scheduled for 14-15 December at the UN Office in Geneva, an official source disclosed in Tripoli on Friday.

The acting Special Representatives of the UN Secretary-General in Libya, Stephanie Williams, who is also co-chairperson of the Economic working group of the Berlin process, said the the meeting is intended to obtain ceasefire on essential political reforms.

“These efforts are undertaken to meet the needs of the Libyan people and establish more sustainable and fair economic arrangement,” the co-chairmen of the group, which includes Egypt, the United-States and the European Union, said in a statement issued by the UN Support Mission in Libya (UNSMIL).

According to the statement, “the meeting is held at a decisive moment for the Libyan economy, which is affected by structural problems, aggravated by the effect of the conflict, as well as the oil blockade of several months during a large period of 2020 and the COVID-19 pandemic”.

The co-chairmen added that “in addition to the loss of US$11 billion of oil sales, the Libyan exchange reserves dropped significantly in 2020 because of the loss of revenues and the high expenditure that diverted the funds for development expenditure, as well as the division within the Libyan central bank, which also caused a more serious crisis in the banking sector”.

According to the document, “these dynamics cause inflation and create distortions and debts that change the basic functionality of the government”.

The meeting will be an opportunity to move towards an agreement on all actions to avoid a new economic deterioration, said the statement, which added that “it is time to set aside partisan politics and work for the interests of the Libyan people”.

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