The US Ambassador, Richard Norland, has participated in a technical discussion with Libyan stakeholders from various state institutions to develop more transparency and accountability in public spending through a Libyan-owned process.
“All participants emphasized that Libyan revenues must always be held and managed by Libyans and spent in a manner that benefits the Libyans”, the US Embassy tweeted.
The Central Bank of Libya presented on its efforts to release more detailed financial information to the Libyan public for the first time in its history.
The participants also discussed the participation of Libyan institutions with existing oversight authorities in devising ways to monitor, reconcile, and evaluate the state’s management of oil and gas revenues, which will grow significantly once full oil production is allowed to resume.
“Follow up discussions will likely take place in June to formalize progress on this important initiative”, the Embassy added.