US supports temporary freezing of NOC revenues at LFB 

US supports temporary freezing of NOC revenues at LFB 

May 15, 2022 - 13:04
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Written By: SafaAlharathy

Washington has reiterated support for the temporary freezing of oil revenues in the National Oil Corporation (NOC) account at the Libyan Foreign Bank until reaching an agreement on a revenue management mechanism.

A statement by the US Embassy in Libya Saturday said an agreement on a mechanism for transparent management of oil revenues is imperative for restoring Libya's oil production.

"The Mechanism should incorporate agreement on priority expenditures, transparency measures, and steps to ensure oversight and accountability," the embassy said.

It affirmed Washington's readiness to provide technical assistance at the request of the Libyan parties to assist in setting up such a mechanism, emphasizing that progress on such important issues will contribute to creating a more stable political environment that will help restore momentum toward parliamentary and presidential elections.

A statement issued by Speaker of Parliament, Aqila Saleh, on Saturday ordered the freezing of oil revenues in the Foreign Bank of Libya until establishing safeguards and a mechanism to ensure that all Libyans benefit from this income, "in a manner that achieves justice and equality for all.”

The statement said the step comes to preserve the interest of the Libyans and to ensure that they benefit from the high oil price at present, which requires continuing to pump oil and to ensure the regular work of vital facilities, as well as protect them from tampering, corruption and wasting public money."