The US ambassador and envoy to Libya Richard Norland revealed Thursday a proposal submitted by Washington that includes a mechanism for managing Libya's oil revenues.
The proposal suggests building on the mechanism used to deposit oil revenues in the external bank account but in a more structured manner and under transparent financial supervision. In addition, all parties are required to issue statements of revenues and expenditures to explain any contradiction, according to Reuters.
He was quoted by the agency as saying that the initiative aims to prevent the crisis from growing to an economic war that deprives Libyans of salaries, subsidized goods, and government investments, as well as its impact on the global energy markets.
"The issue is for the government to find the best way to ensure that Libya's oil wealth goes where people need it," Norland said, who stressed that this should be done under surveillance so that people can be sure that it would not be diverted for political or inappropriate purposes.
He added that the proposed mechanism would have sufficient transparency, as everyone will issue statements on revenues and expenditures, which can explain any discrepancy.
