Technical meeting on critical reforms of Libyan economy kicks off in Geneva

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FILE PHOTO: People carry a giant Libyan flag at Martyrs’ Square during a march in Tripoli, Libya, February 25, 2020. /AP

Representatives of Libya’s main financial institutions met on Monday to kick off a technical meeting on critical reforms, with the help of the officials from the UN, Egypt, the United States, the European Union and the World Bank.

A UN source said that the meeting, scheduled for Monday and Tuesday, will discuss currency reform, the banking crisis, the unification of the national budget, and a time table to implement these reforms in the country.

“I sincerely hope that in the next two days an agreement can be reached on concrete objectives on the issues of currency reform, the check clearing crisis, the overall banking crisis, and budget unification as well as on a clear timetable for actions to be taken to implement these reforms,” said Acting Special Representative of the UN Secretary-General for Libya Stephanie Williams.

The current meeting is taking place against the backdrop of several promising developments, including the full resumption of Libyan oil production.

Earlier in October this year, the two Libyan delegations to the 5+5 Joint Military Commission talks also signed in Geneva “a complete countrywide and permanent ceasefire agreement with immediate effect”, a major move towards a political solution to the Libyan crisis.

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