Cash and oil crises top London meeting discussions on Libya
London meeting on Libya, held on Monday and Tuesday, has discussed a number of procedures that can remedy Libya’s shakable economy, media outlets have reported.
The New Arab website reported reliable sources as saying that besides healing the cash shortages in Libya, the western powers discussed how to pump dollars into the Libyan market again as well as the resumption of oil exportation.
“The Governor of the Central Bank of Libya also proposed to devalue the Libyan dinar in exchange of the dollar making it LYD3 for $1, not to mention that the Presidential Council of the UN-proposed government suggested taking off the subsidies on fuels to save some good money for the Libyan treasury.” The sources added.
The website added that the meeting reviewed 2017 budget, pointing out that it will be shaped by austerity measures with proposed money of 35-40 billion dollars for the budget.
Moreover, the meeting also discussed increase of oil output to reach 1 million barrels per day with revenue attaining 19 billion dollars, which the attendees expected will be helpful to solve the accumulated deficits in budget over the last years, knowing that Libya’s reserves are about 38 billion dollars, according to the Audit Bureau report.
The meeting has been slammed by Salvation Government, member of UN-proposed Presidency Council Ali Gotrani and the parallel Central Bank of Libya in Bayda.
In the meantime, a high-ranking rift is taking shape among CBL, Presidential Council (PC), and the Audit Bureau over 1.5 billion dinars budget, which was requested by the PC from the CBL but hindered by the Audit Bureau for clarity of who to be received by.
The CBL is responsible for Libya’s general budget’s item one, which is related to the salaries of the state employees, who receive their salaries every other month.