Deloitte to start audit of Libya’s Central Bank
On 28 July, Libya-Business News reported on its website the launch of the International Financial review of the two branches of the Central Bank of Libya (CBL). Acting Special Representative of the Secretary-General and Head of the United Nations Support Mission in Libya (UNSMIL) Stephanie Williams announced on 27 July the initiation of the international audit process of the CBL, which will be conducted by Deloitte. This audit is a long-awaited initiative and is perceived as a critical step for enhancing good economic governance in Libya. As demonstrated by Jason Pack, founder of Libya-Analysis, it is essential to focus on Libya’s economic institutions. As advocated in Pack’s research It’s the Economy Stupid: How Libya’s Civil War Is Rooted in Its Economic Structures published on September 2019 with Istituto Affari Internazionali (IAI), an economy-driven approach to mediating the Libyan conflict pushing for financial transparency on behalf of international actors could tip the balances away from conflict and towards a new social contract.
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