U.N. Resumes Talks To Settle Libya’s Central Bank Dispute After Oil Production Halt

The U.N. mission in Libya is set to resume talks between rival factions in Tripoli on Wednesday. The discussion is to address political tensions surrounding the control of the Central Bank of Libya.

As earlier reported, Libya is facing a central bank crisis that has halted oil production. The eastern factions, led by Khalifa Haftar, shut down oil facilities in response to attempts by the Tripoli-based Presidential Council to replace the central bank governor, Sadiq al-Kabir. The Libyan central bank solely handles oil revenues, which the country’s economy heavily relies on.

According to a Reuters report, Libya’s two legislative bodies, the House of Representatives in the east and the High Council of State in the west, recently agreed to appoint a new central bank governor. This was to ease the conflict, which significantly reduced the country’s oil production and revenue. Talks to select a nominee for governor and form a new board of directors were initially scheduled to conclude Monday but have now been extended.

Read: Workers Strike at Kenya’s Main Airport Over Adani Group’s 30-Year Lease Deal

About The Author

Confidence Ubani

subscriber

See author's posts