Tripoli (The Brussels Morning Newspaper) – The European Union Delegation and the diplomatic missions of EU Member States in Libya expressed that gravely concerned about the deterioration of the crisis in Libya amidst growing political fragmentation due to the lack of unified institutions.
How Critical Is the Lifting of Force Majeure on Libya’s Oil Fields to Its Economic Stability?
The European Union called for the quick lifting of the force majeure status on Libya’s oil fields and demanded the protection of Central Bank employees and members of the State Council in the country. The plea comes as concerns rise over the deteriorating situation in Libya, with the EU highlighting the critical need to restore oil production and protect economic stability.
Why Is the Protection of Central Bank Employees Vital to Libya’s Financial System?
In a statement, the EU delegation and the diplomatic missions of EU member states in Libya voiced deep concern over the worsening situation in the country. They stressed the significance of lifting the force majeure charge on all Libyan oil fields, noting that the persistent shutdown of these fields deepens the already fragile economic situation and jeopardises the economic lifeline of the Libyan people.
How Is the Shutdown of Libya’s Oil Fields Affecting the Country’s Economy and Standard of Living?
The EU missions stressed that the closure of oil fields not only affects Libya’s economy but also endangers the livelihoods of its residents. The prolonged disturbance in oil production, a major source of revenue for Libya, is noticed as a significant factor in the country’s economic downfall, contributing to inflation, unemployment, and a general decline in the standard of living.
In addition to the call for reopening the oil fields, the EU also demanded the protection of workers at the Central Bank of Libya. The diplomatic missions emphasised that Central Bank staff should not be subjected to force or threats, as any disruption to the bank’s procedures further destabilizes the country’s financial procedure. The closure of the bank and the trouble of banking services, the EU noted, are assisting the worsening economic conditions and putting additional burdens on the Libyan population.
Concerning the State Council members, the EU missions highlighted the importance of respecting the freedom of the council’s work and avoiding any endeavours to threaten its members. The EU emphasized that promoting dialogue and cooperation among all parties is essential for ensuring Libya’s stability and moving towards a comprehensive political solution.
