https://en.sputniknews.africa/20240904/libyan-factions-reach-agreement-to-appoint-central-bank-governor-easing-oil-crisis-1068139879.html
Libyan Factions Reach Agreement to Appoint Central Bank Governor, Easing Oil Crisis
Libyan Factions Reach Agreement to Appoint Central Bank Governor, Easing Oil Crisis
Sputnik Africa
This agreement, reached after two days of UN-facilitated talks, aims to end a power struggle that has crippled the North African country's oil production and... 04.09.2024, Sputnik Africa
2024-09-04T10:34+0200
2024-09-04T10:34+0200
2024-09-04T11:35+0200
libya
united nations (un)
house of representatives
oil
central bank
conflict
crisis
north africa
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In a significant step toward resolving the ongoing political and economic turmoil, Libya's two legislative bodies, the House of Representatives and the High State Council, have agreed to jointly appoint a new central bank governor.The agreement, signed on Tuesday, calls for the appointment of a governor and board of directors within the next 30 days. The central bank, the sole custodian of Libya's oil revenue and responsible for paying state salaries, has been paralyzed by the ongoing dispute.The conflict began when the head of the Presidency Council in Tripoli attempted to remove the veteran central bank governor Sadiq al-Kabir and install a rival board. In response, eastern factions shut down oil production, demanding the reversal of Kabir's dismissal.While some oil production has since resumed, the recent agreement is expected to significantly boost output, with oil prices dropping nearly 5% on Tuesday, their lowest level in almost nine months, according to media reports.The agreement also includes a five-day extension of consultations, ending on September 9. This additional dialogue period allows for further discussions on key issues, including the selection of the new governor and board members.
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libya, united nations (un), house of representatives, oil, central bank, conflict, crisis, north africa
libya, united nations (un), house of representatives, oil, central bank, conflict, crisis, north africa
Libyan Factions Reach Agreement to Appoint Central Bank Governor, Easing Oil Crisis
10:34 04.09.2024 (Updated: 11:35 04.09.2024) Muhammad Nooh Osman
Writer/Editor
This agreement, reached after two days of UN-facilitated talks, aims to end a power struggle that has crippled the North African country's oil production and jeopardized financial stability.
In a significant step toward resolving the ongoing political and economic turmoil,
Libya's two legislative bodies, the House of Representatives and the High State Council, have agreed to jointly appoint a new central bank governor.
The agreement, signed on Tuesday, calls for the appointment of a governor and board of directors within the next 30 days.
The central bank, the sole custodian of
Libya's oil revenue and responsible for paying state salaries, has been paralyzed by the ongoing dispute.
The conflict began when the head of the Presidency Council in Tripoli attempted to remove the veteran central bank governor Sadiq al-Kabir and install a rival board. In response, eastern factions shut down oil production, demanding the reversal of Kabir's dismissal.
While some oil
production has since resumed, the recent agreement is expected to significantly boost output, with oil prices dropping nearly 5% on Tuesday, their lowest level in almost nine months, according to media reports.
The agreement also includes a five-day extension of consultations, ending on September 9. This additional dialogue period allows for further discussions on key issues, including the selection of the new governor and board members.
