Central Bank of Libya Governor, Naji Issa, met today with Eric Meyer, U.S. Assistant Secretary of the Treasury, and his accompanying delegation.
The meeting took place on the sidelines of the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, held in Bangkok, Thailand.
The discussion covered the latest economic, financial, and political developments in Libya, as well as efforts to implement the unified public spending agreement.
Emphasis was placed on the importance of coordinating fiscal and monetary policies and strengthening fiscal discipline to help maintain economic and financial stability and ensure the sustainability of the state's public finances.
The two sides also discussed efforts to enhance transparency, governance, and compliance within the banking sector.
Key topics included the Central Bank of Libya’s initiatives to review issued documentary credits and verify their adherence to approved regulations, procedures, and standards—conducted in cooperation with K2 Integrity.
Discussions also addressed the implementation of necessary measures to detect violations or illicit practices and to take appropriate legal and punitive actions against those involved, in accordance with relevant legislation and regulations.
In a related context, the two sides discussed the challenges associated with the smuggling of goods and fuel, the resulting illicit financial flows, and their negative impact on macroeconomic indicators—particularly the foreign exchange market.
They emphasized the importance of strengthening coordination and cooperation to combat these practices, mitigate their effects on monetary and financial stability, and safeguard state resources and the national economy.
At the conclusion of the meeting, the CBL reported, the U.S. Assistant Secretary of the Treasury commended the efforts of the Governor of the Central Bank of Libya to maintain the state's fiscal sustainability and bolster monetary and financial stability, despite the exceptional challenges facing Libya and the region. He also acknowledged the progress achieved in the economic and banking reform process.
Furthermore, the Assistant Secretary reaffirmed the United States' continued support for the independence of the Central Bank of Libya and its leadership, as well as its backing of efforts to consolidate financial and monetary stability, enhance governance and transparency, and enable the Bank to fulfill its national duties and responsibilities during this critical period.