In a response to the statement issed by “Stephanie Turco Williams”, the Acting Special Representative and the Head of the United Nations Support Mission in Libya (UNSMIL) on the need to unify sovereign institutions including the Central Bank of Libya, the CBL Governor “Al-Siddiq Al-Kabir” stated that the country’s political division split all sovereign, executive and even legislative institutions.

Stephanie Williams claimed that the one-year long war had taken a heavy toll on an already struggling economy.

“The conflict has exacerbated institutional divisions and diverted spending to the war effort which itself is destroying rather than building much-need critical infrastructure. The existence of two separate central banks has prevented any rational monetary or fiscal policy reform and has instead contributed to a domestic banking crisis, which if left unaddressed, will result in potentially catastrophic financial loss,” Stephanie Williams said.

Al-Kabir stressed that the Central Bank took the initiative in calling for the reunification of the CBL board However, after auditing the accounts of the Tripoli as well as the eastern branch.

Al-KAbir did not only ask about the government that will be dealt with, but he also asked about its budget implementation as well as disbursements under the current political division, pointing out that he has no idea about the oversight bodies that would oversight and follow-up the CBL board.

In his statement, Al-Siddiq Al-Kabir greatly welcomed efforts to reunify the CBL board only if it would be under a legal framework.