Egypt Endorses Libyan Agreement to Resolve Central Bank Crisis
Egypt has welcomed an agreement between the Libyan House of Representatives and the State Council to resolve the Central Bank of Libya crisis, appointing Naji Mohamed Issa Belqasem as its new governor. The deal is hoped to bring stability to Libya, which has faced disruptions in oil production due to political disputes between rival governments. Egypt reaffirms its commitment to support Libya’s efforts with regional and international partners.
On September 30, 2024, Egypt expressed its approval of the recent agreement forged between the Libyan House of Representatives and the State Council, facilitated by the Acting Head of the United Nations Mission in Libya. This significant development aims to resolve the ongoing crisis within the Central Bank of Libya. Under the accord, Naji Mohamed Issa Belqasem has been designated as the new governor of the Central Bank of Libya. The Egyptian Foreign Ministry issued a statement reflecting hope that this agreement would generate the necessary momentum to foster stability in Libya. Egypt reaffirmed its dedication to supporting collaborative efforts alongside both regional and international partners, ensuring that the capabilities and aspirations of the Libyan populace are upheld. The backdrop of this agreement lies in the tumultuous period Libya has faced, particularly regarding the appointment of a new governor for the Central Bank. This appointment became a contentious issue between the Tobruk-based government led by Khalifa Haftar and the Tripoli-based government of Abdul Hamid Dabeiba. The ensuing political friction resulted in a significant suspension of oil production, thereby disrupting the global oil market and contributing to rising oil prices. The United Nations undertook several meetings and discussions to mediate an agreement between the competing factions in Libya.
The ongoing political instability in Libya has led to multiple crises, one of which is the ongoing dispute over the leadership of the Central Bank of Libya. The two primary factions, the Tobruk-based government and the Tripoli-based government, have been engaged in severe disagreements, adversely impacting national governance and economic stability. Most notably, the lack of a unified leadership at the Central Bank has raised concerns about Libya’s oil production, given that oil is a crucial component of the country’s economy. The appointment of a new governor is thus seen as a pivotal step toward restoring stability and governance.
In conclusion, Egypt’s welcome of the agreement between the Libyan House of Representatives and the State Council reflects a hopeful outlook towards achieving stability in Libya. The appointment of Naji Mohamed Issa Belqasem as the governor of the Central Bank is a critical development that could potentially address the ongoing economic crisis resulting from political power struggles. Egypt’s commitment to supporting Libya’s progress in coordination with regional and international partners underscores the significance of collaborative efforts in navigating national crises.
Original Source: www.egypttoday.com
