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Libya’s GNA officials agree to unfreeze oil revenues, activate transparency

The emergency meeting of the Head and members of the Libyan Presidential Council Tuesday with the top financial, economic and administrative officials led to recommendations to review the unfreezing of oil revenues along with activating transparency and control.

The meeting heled in Tripoli was attended by members of the Presidential Council and Deputy 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.

The meeting resulted in a call for a subsequent meeting for the board of directors of the Central Bank to find solutions to the issues facing Libya’s economy, urging to discuss mechanism to unfreeze oil revenues transparently.

The meeting’s attendees also agreed to activate the role of the joint committee that includes the Governor of Central Bank, Finance Minister, Head of Audit Bureau and other officials from east-based Finance Ministry to coordinate in financial matters.

They also agreed to reopen the clearing system at the banks across the country after the auditing of the central banks’ branches in east and west Libya is done.

Meanwhile, the Head of the Audit Bureau Khalid Shakshak said the meeting had resulted in the need to unfreez oil revenues from the NOC Libyan Foreign Bank’s account and return them to the normal procedures.

He said the priorities now are to tackle the fiscal issues, especially the deteriorating exchange rates of the dinar to foreign currency by unifying the state exchange rate for all usages, reopening letters of credit systems and money wiring in transparent methods.

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