Libya Business News
Sunday, June 11, 2023
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
No Result
View All Result
Libya Business News
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
Libya Business News
No Result
View All Result
Home Politics

Winer: No Oil Transactions Outside Legitimate Channels

6th December 2016
in Politics, Security
Share on FacebookShare on Twitter

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)

Tags: Audit BureauCentral Bank of Libya (CBL)featuredNational Oil Corporation (NOC)United States

Latest News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021
Latest Oil Tenders

Latest Oil Tenders

16th March 2021

Recent News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021

Categories

  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos

Menu

  • Home
  • About Us
  • Contact

Join our mailing list!

Sign-up to receive email updates on the latest news and developments.





© 2021 Libya Business News - Your Libyan business news partner

No Result
View All Result
  • Security
  • Oil & Gas
  • Banking & Finance
  • Politics
  • Industry & Trade
  • Construction & Engineering
  • Investment
  • Tenders
  • Transportation
  • Videos
  • Contact Us

© 2021 Libya Business News - Your Libyan business news partner

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “I Agree”, you consent to the use of ALL the cookies.