Jonathan Winer, the US Department of State’s special envoy for Libya, has said called on the Government of National Accord (GNA), the Central Bank of Libya (CBL), the Audit Bureau, and the National Oil Corporation (NOC) to join together to stabilize and rebuild Libya’s economy.
In written testimony prepared for a House panel hearing, he told lawmakers:
"For this reason, the United States helped bring Libyans together for focused economic meetings in London and Rome in October and November.
"The Libyans understand they need to finalize and operationalize a budget and address the growing disparity between the official and black market currency exchange rates.
"There are both monetary and fiscal reforms that would make a difference. But the most important step they could take to do this would be get oil production and exports back up to levels that can fund a reasonable budget and halt the rapid depletion of Libya’s foreign reserves.
"This is achievable, if those with control over these resources choose the right path to turn Libya’s oil-fields and pipelines back on.
"In keeping with UN Security Council resolutions, the United States and other countries will continue to take vigorous action to prevent attempts to conduct transactions in Libyan oil outside legitimate channels.
"Such transactions are illegal under Libyan as well as international law. They invite massive corruption. They also would cause great harm to Libya’s economy, risk fracturing the country, and could spark civil conflict over resources.
"Libyans could instead choose to cooperate with one another to produce oil, and work together to build a government which ensures that Libya’s wealth is spent to benefit all of its people, transparently, and with effective controls to counter corruption and abuse.
"The United States and many other countries, as well as the IMF and World Bank among others are ready and willing to help – but the Libyan people need their leaders to take the first steps on the economic issues in order for help from others to make a difference."
Mr Winer's full statement can be read here.
(Source: US State Dept)
