Libyan Ministry of Interior personnel stand guard in front of the Central Bank of Libya in Tripoli, Libya. Reuters
Libyan Ministry of Interior personnel stand guard in front of the Central Bank of Libya in Tripoli, Libya. Reuters
Libyan Ministry of Interior personnel stand guard in front of the Central Bank of Libya in Tripoli, Libya. Reuters
Libyan Ministry of Interior personnel stand guard in front of the Central Bank of Libya in Tripoli, Libya. Reuters

UN says Libya near economic collapse due to central bank crisis


Adla Massoud
  • English
  • Arabic

The UN mission in Libya expressed deep concern about the deteriorating situation there, saying on Monday that Libya could be on the brink of economic collapse because of a central bank crisis.

“The mission believes that continuing with unilateral actions will come at a high cost for the Libyan people to resolve the protracted crisis, and risks precipitating the country's financial and economic collapse,” a mission statement read.

Disputes over control of Libya's Central Bank have raised alarm about possible misuse of the country's financial resources.

Libya's economy is heavily reliant on oil revenue, and there have been moves to impose force majeure on oilfields, effectively cutting off the country's primary source of income.

The statement added that the UN mission is convening an emergency meeting for all parties involved in the Central Bank of Libya crisis with hopes of reaching a “consensus based on political agreements, applicable laws and the principle of the central bank's independence".

The UN mission called for the suspension of all unilateral decisions related to the central bank, the lifting of force majeure on oilfields, an end to use of force to achieve political objectives or factional interests, and protection for the bank's employees.

It stressed that resolving the “emerging” crisis is an “urgent necessity” to create a conducive environment for an inclusive political process.

Earlier on Monday, Libya's eastern-based administration said it was shutting down oilfields it controls and suspending production amid rising tension with the UN-recognised government in Tripoli.

A statement the Benghazi administration posted on X said it was “suspending all oil production and exports until further notice”, citing “force majeure”.

It linked the move to “repeated attacks on the leaders, employees and administrations of the Central Bank” in Tripoli, which manages Libya's large oil resources and the state budget.

The eastern-based administration said “outlaw groups” were responsible in a bid to control “Libya's most important financial institution”, the statement said.

Libya continues to grapple with the effects of the 2011 Nato-backed uprising that removed long-time leader Muammar Qaddafi.

The country remains split between the UN-recognised government in Tripoli, led by Prime Minister Abdul Hamid Dbeibah, and a rival administration in the east, supported by military commander Field Marshal Khalifa Haftar. Most of Libya's oilfields fall under his control.

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
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Rating: 4/5

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Sand storm

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Dust storm

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The Matrix Resurrections

Director: Lana Wachowski

Stars:  Keanu Reeves, Carrie-Anne Moss, Jessica Henwick 

Rating:****

Countries recognising Palestine

France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra

 

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UAE currency: the story behind the money in your pockets
War and the virus
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

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Other workplace saving schemes
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  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

The years Ramadan fell in May

1987

1954

1921

1888

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The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

The five pillars of Islam
Results

Men's finals

45kg:Duc Le Hoang (VIE) beat Zolfi Amirhossein (IRI) points 29-28. 48kg: Naruephon Chittra (THA) beat Joseph Vanlalhruaia (IND) TKO round 2.

51kg: Sakchai Chamchit (THA) beat Salam Al Suwaid (IRQ) TKO round 1. ​​​​​​​54kg: Veerasak Senanue (THA) beat Huynh Hoang Phi (VIE) 30-25.

57kg: Almaz Sarsembekov (KAZ) beat Tak Chuen Suen (MAC) RSC round 3. 60kg: Yerkanat Ospan (KAZ) beat Ibrahim Bilal (UAE) 30-27.

63.5kg: Abil Galiyev (KAZ) beat Nouredine Samir (UAE) 29-28. 67kg: Narin Wonglakhon (THA) beat Mohammed Mardi (UAE) 29-28.

71kg: Amine El Moatassime (UAE) w/o Shaker Al Tekreeti (IRQ). 75kg:​​​​​​​ Youssef Abboud (LBN) w/o Ayoob Saki (IRI).

81kg: Ilyass Habibali (UAE) beat Khaled Tarraf (LBN) 29-28. 86kg: Ali Takaloo (IRI) beat Emil Umayev (KAZ) 30-27.

91kg: Hamid Reza Kordabadi (IRI) beat Mohamad Osaily (LBN) RSC round 1. 91-plus kg: Mohammadrezapoor Shirmohammad (IRI) beat Abdulla Hasan (IRQ) 30-27.

Women's finals

45kg: Somruethai Siripathum (THA) beat Ha Huu Huynh (VIE) 30-27. 48kg: Thanawan Thongduang (THA) beat Colleen Saddi (PHI) 30-27.

51kg: Wansawang Srila Or (THA) beat Thuy Phuong Trieu (VIE) 29-28. 54kg: Ruchira Wongsriwo (THA) beat Zeinab Khatoun (LBN) 30-26.

57kg: Sara Idriss (LBN) beat Zahra Nasiri Bargh (IRI) 30-27. 60kg: Kaewrudee Kamtakrapoom (THA) beat Sedigheh Hajivand (IRI) TKO round 2.

63.5kg: Nadiya Moghaddam (IRI) w/o Reem Al Issa (JOR).

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MATCH INFO

Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD

* Second leg in Australia scheduled for October 10

ENGLAND SQUAD

Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope 
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold 
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph 
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck

Updated: August 27, 2024, 8:57 AM`