Minister of State for Economic Affairs: Central Bank will be unified soon

Minister of State for Economic Affairs: Central Bank will be unified soon

May 17, 2021 - 19:59
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Written By: SafaAlharathy

The Minister of State for Economic Affairs, Salama al-Ghwail, has confirmed that the Central Bank is on its way to unification, underscoring that such a step is urgent and crucial for the Libyan economy.

"The main economic issues we face are how to unify revenues and expenditures, as well as how to reduce public debt," al-Ghwail said in recent statements to The Monitor website.

"The Central Bank remains divided while the new government is working to solve the unemployment problem, create job opportunities, diversify sources of income and improve revenues nationwide," al-Ghwail added.

He indicated that security issues and the closure of the coastal road continued to hinder trade exchange in Libya and the unification of the banks' work, stressing, "If we address the security crisis, the cash problem will be solved."

"The Government of National Unity came after years of political and administrative division...The unification of economic and financial institutions will have a positive impact on the country," al-Ghwail noted.

According to the minister, the unification of the ministries of finance and economy enabled the government to achieve some progress in due course.

"The government's steps are beginning to affect, particularly in the preparation of a unified budget and developing the policy and salary system," the minister explained.