Tripoli: The Special Representative of the Secretary-General for Libya, Hannah Tetteh, has raised concerns about the detrimental impact of corruption fueled by private interests on Libya’s funding for development, healthcare, education, and employment.
According to Libyan News Agency, Tetteh emphasized in her regular briefing to the UN Security Council that Libya’s economic and financial governance is struggling due to a lack of oversight, particularly in activities like fuel distribution monitoring. This oversight deficiency is contributing to heightened economic pressures and challenges within the country.
Tetteh also highlighted the Central Bank of Libya’s recent discovery of $6.5 billion in its Benghazi branch, which had not been processed through legal channels, as a significant concern for Libya’s financial stability. This discovery adds to the total of illicit funds found this year, amounting to 10 billion dinars.
The UN envoy pointed out that such practices threaten the stability of the Libyan dinar in the market and stressed the need for legal accountability and enhanced financial oversight. She commended the Central Bank’s decision to implement all necessary legal measures to combat corruption.