Al-Sarraj calls for meeting to discuss consequences of freezing Libyan oil revenues

Al-Sarraj calls for meeting to discuss consequences of freezing Libyan oil revenues

November 30, 2020 - 22:41
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Written By: AbdulkaderAssad

The Head of the Libyan Presidential Council Fayez Al-Sarraj has called for a highly important meeting with high-profile officials to be held on Tuesday to discuss the ramifications of freezing oil revenues and propose solutions to avoid war and division in the country.

Al-Sarraj said in a letter to the officials invited to the meeting that given the ongoing political and economic conditions, they should attend Tuesday the discussion at the Prime Ministry headquarters in Tripoli.

The invited officials are the Speaker of the House of Representatives, Head of High Council of State, Chief of Supreme Council of Judiciary, Acting Attorney General, Governor of Libya's Central Bank, Head of Audit Bureau, Head of Administrative Authority, Minister of Planning, Minister of Finance, and Chairman of the National Oil Corporation.

Over the last period, the Chairman of the National Oil Corporation (NOC) and Governor of the Central Bank have been exchanging accusations, thus leading the NOC to freeze oil revenues at a Libyan Foreign Bank account to prevent the Central Bank from using them.

NOC Chairman said oil revenues will be kept frozen till the Central Bank provides transparency and clear mechanism for tackling expenditures, adding that the policies of the Governor of the Central Bank allowed for "dinosaurs, fat cats and monsters of public funds" to wear the public funds down, saying Libya collected over 186 billion in oil revenues over the last years and Libyans are still suffering.

Meanwhile, the ongoing give-and-take between the top financial and economic officials of the country made the rates of foreign currency exchange at the black market skyrocket as $1 was exchanged Monday for over 7 Libyan dinars in the highest rate since late 2017.