Skip to main content

UN warns Libya faces economic collapse amid central bank crisis

1 min Mena Today

The United Nations Support Mission in Libya (UNSMIL) issued a statement late on Monday expressing deep concern "over the deteriorating situation in Libya resulting from unilateral decisions."

Disputes over control of Libya's Central Bank have raised alarms about the potential misuse of the country's financial resources © Mena Today 

Disputes over control of Libya's Central Bank have raised alarms about the potential misuse of the country's financial resources © Mena Today 

The United Nations Support Mission in Libya (UNSMIL) issued a statement late on Monday expressing deep concern "over the deteriorating situation in Libya resulting from unilateral decisions."

Disputes over control of Libya's Central Bank have raised alarms about the potential misuse of the country's financial resources.

"UNSMIL is convening an emergency meeting for all parties involved in the Central Bank of Libya crisis in order to reach a consensus based on political agreements, applicable laws, and the principle of the central bank's independence," the statement said.

The UN mission has called for the suspension of unilateral decisions, the lifting of force majeure on oil fields, the halting of escalations and use of force, and the protection of Central Bank employees.

Libya's economy is heavily reliant on oil revenue, and there have been moves to impose force majeure on oil fields, effectively cutting off the country's primary source of income.

Earlier on Monday, Libya's eastern-based administration ordered the closure of oilfields in eastern Libya, which account for almost all the country's production, halting both production and exports after tensions flared over the Central Bank's leadership.

There has been no confirmation of these actions from the internationally recognized government in Tripoli or from the National Oil Corp (NOC), which controls the country's oil resources.

Reporting by Ayman Werfali

Related

Libya

Two arms brokers face UK trial over Libya weapons deals

Two arms brokers arranged illegal deals to supply ex-Soviet surface-to-air missile systems to South Sudan and fighter jets to Libya during its civil war, British prosecutors told a London court on Tuesday.

Algeria

In Algeria, the Pope preaches in the desert

On the first day of his visit to Algeria, Pope Leo XIV delivered a message of democratic hope to a regime that has spent decades ensuring such hope goes nowhere.

Algeria

Pope Leo warns against ‘Neocolonial’ aggression

Pope Leo criticized violations of international law by 'neocolonial' world powers in a forceful speech on Monday during an Africa tour, hours after U.S. President Donald Trump's direct attack on the leader of the 1.4-billion-member Church.

Subscribe to our newsletter

Mena banner 4

To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.

  • Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.