The US embassy in Libya urged Libyan leaders to ensure that public funds are spent in a transparent and accountable manner.
This came after the US State Department issued its annual fiscal transparency report for 2024, in which it revealed Libya's failure to meet the minimum requirements for fiscal transparency according to the standards applied in this global report imposed by the US Congress.
The embassy also confirmed in a statement its continued emphasis on the importance of reaching a compromise on the fair distribution of Libyan oil revenues, developing a unified budget, and publicly disclosing how public revenues are used in light of the current crisis facing the Central Bank of Libya, saying that these priorities are more important now than ever.
The US report revealed that the Financial Oversight Authority issued annual reports that included important findings and recommendations, and despite the existence of laws and regulations, their implementation was not comprehensive in all areas.
It also indicated that the granting of contracts and licenses for the extraction of natural resources was not done through open and competitive bids, and information related to those contracts was not published.
