The Los Angeles Post
U.S. World Business Lifestyle
Today: March 27, 2025
Today: March 27, 2025

UN warns Libya faces economic collapse amid central bank crisis

United Nations in New York City
August 26, 2024

By Ayman Werfali, Adam Makary and Enas Alashray

TRIPOLI (Reuters) - The United Nations Support Mission in Libya (UNSMIL) issued a statement late on Monday expressing deep concern "over the deteriorating situation in Libya resulting from unilateral decisions."

Disputes over control of Libya's Central Bank have raised alarms about the potential misuse of the country's financial resources.

"UNSMIL is convening an emergency meeting for all parties involved in the Central Bank of Libya crisis in order to reach a consensus based on political agreements, applicable laws, and the principle of the central bank's independence," the statement said.

The UN mission has called for the suspension of unilateral decisions, the lifting of force majeure on oil fields, the halting of escalations and use of force, and the protection of Central Bank employees.

Libya's economy is heavily reliant on oil revenue, and there have been moves to impose force majeure on oil fields, effectively cutting off the country's primary source of income.

Earlier on Monday, Libya's eastern-based administration ordered the closure of oilfields in eastern Libya, which account for almost all the country's production, halting both production and exports after tensions flared over the Central Bank's leadership.

There has been no confirmation of these actions from the internationally recognized government in Tripoli or from the National Oil Corp (NOC), which controls the country's oil resources.

(Reporting by Ayman Werfali; Writing by Adam Makary; Editing by David Gregorio)

Related Articles

Syria's interim President Sharaa forms national security council J.P. Morgan economist sees 40% US recession chance and risks to 'exorbitant privilege' Israelโ€™s justice minister moves to oust attorney general amid allegations of political bias, opposition decries move Syria's national dialogue conference held as the battered country seeks to rebuild
Share This

Popular

Africa|Political|World

South Sudan opposition says its leader Machar has been arrested as UN warns of a renewed civil war

South Sudan opposition says its leader Machar has been arrested as UN warns of a renewed civil war
Africa|Political|World

South Sudan VP Machar's party trying to locate him after arrest warrant issued

South Sudan VP Machar's party trying to locate him after arrest warrant issued
Africa|Americas|Crime|World

Kenyan MSS soldier reported missing after gang-linked incident in Haiti

Kenyan MSS soldier reported missing after gang-linked incident in Haiti
Africa|Crime|Political|World

Sudan aid groups say 54 killed in an airstrike blamed on the military in Darfur

Sudan aid groups say 54 killed in an airstrike blamed on the military in Darfur

Africa

Africa|MidEast|Political|World

Sudanโ€™s army chief returns to Khartoum for first time in 2 years of war after airport recaptured

Sudanโ€™s army chief returns to Khartoum for first time in 2 years of war after airport recaptured
Africa|MidEast|Political|World

Sudanese army drives RSF from central Khartoum, witnesses say

Sudanese army drives RSF from central Khartoum, witnesses say
Africa|Political|World

Zimbabwe president fires army chief ahead of planned protests

Zimbabwe president fires army chief ahead of planned protests
Africa|Crime|World

Militants kill 16 on Nigerian army base, military outpost, security sources say

Militants kill 16 on Nigerian army base, military outpost, security sources say