Home / Economy / Western Superpowers Support Appointment of Panel to Manage Libya’s State Fund

Western Superpowers Support Appointment of Panel to Manage Libya’s State Fund

(Author: Libyan Gazette Editorial Staff)

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On Thursday, the governments of the US, France, Italy, Germany, Spain and the UK said that they support the decision of the Government of National Accord (GNA) to appoint a panel that will direct the Libyan Investment Authority (LIA) in its management of Libya’s state funds. The objective of the LIA is to protect Libya’s state funds, worth $67 billion, “for the long term benefit of the Libyan people,” said the joint statement.

The statement mentioned the UN Security Council Resolution 2259 that indicated that the Libyan government needs to prioritize establishing “sole and effective oversight over” Libya’s state oil corporation, Libya’s Central Bank and the LIA to ensure these institutions are benefiting all Libyans.

The US and the five European countries also called on Libyans to back the GNA and support the Libyan government’s efforts “in preserving and protecting the independence and integrity of the Libyan Financial Institutions,” said the statement.

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