UN announces start of Libya central bank audit

News

July 2020 – The United Nations’ Libya mission on Monday said an international audit of the country’s two parallel central bank branches was ready to begin, in what is called a “critical step” in creating conditions for their eventual reunification.

The United Nations has finalised a contract with international accounting firm Deloitte to handle the audit for it to start “as soon as possible”, it said in an emailed statement.

Libya has been divided since 2014 between the internationally-recognised Government of National Accord in Tripoli and a rival administration in the east which has established its own institutions.

Peacemaking efforts in Libya have followed both political and economic tracks aimed at establishing transparency and resolving disputes over the country’s resources, income, and debt.

Revenue from Libyan oil exports has flowed through the Tripoli-based CBL, which has paid the salaries of many state employees across front lines.

However, eastern-based forces have imposed a blockade on exports since January, entailing lost revenues of more than $7 billion according to the National Oil Corp.

In the east, authorities have financed the failed assault on Tripoli by Khalifa Haftar using unofficial bonds, Russia-printed cash, and deposits from eastern banks, accumulating debt.

Middle East Monitor

 

 

 

 

 

 

 

 

 

News & Updates

How do you get an honest broker in #Libya

Take away thise that look for gain (#Russia #Turkey #UAE #France #Italy #Egypt #China etc)

Take away countries with good intention but little influence and who are you left with?

The #US #UK #UN and a few others. That's the Reality

Long overdue, it's a sad fact of life but corruption is still rife in Libya. Anything that helps bring clarity to the award process has to be welcomed.

Audit Bureau calls for launch of Libyan tenders and procurement e-portal to fight corruption | https://www.libyaherald.com/2020/08/13/audit-bureau-calls-for-launch-of-libyan-tenders-and-procurement-e-portal-to-fight-corruption/

well done to you all for succeeding in such difficult circumstances, fixing the economy is a critical part of the rebuilding of Libya 👍

12 youth and women NGOs win up to US$ 15,000 UNDP grant for project proposals | https://www.libyaherald.com/2020/08/13/12-youth-and-women-ngos-win-up-to-us-15000-undp-grant-for-project-proposals/

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