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Western nations welcome changes to the Libyan Investment Authority

Europe’s leading countries and the United States have said they welcome the appointment of an Interim Steering Committee of the Libyan Investment Authority (LIA) by the Government of National Accord (GNA).

Set up through the Libyan Political Agreement the GNA is the interim government of the nation of Libya and is led by Prime Minister Fayez Mustafa al-Sarraj was

The government was unanimously endorsed by the United Nations Security Council and is effectively recognised as the only legitimate governmental power in the country.

The LIA is a government-managed wealth fund based in the country’s capital, Tripoli.

According to a joint statement issued by the Foreign and Commonwealth Office, the nations of France, Germany, Italy, Spain, the United Kingdom, and the United States previously stressed the need for the GNA to take control of major the country’s major institutions.

The statement said the nations believed it necessary for the new Libyan government “to exercise sole and effective oversight over the National Oil Company, the Central Bank of Libya, and the Libyan Investment Authority.”

This was deemed as a matter of urgency and it was imperative these institutions continue to function for the benefit of Libyan people.

“The LIA has a vital role to safeguard Libya’s assets for the long term benefit of the Libyan people.”

The governments of the above nations have called on “all Libyans to support the GNA in preserving and protecting the independence and integrity of the Libyan Financial Institutions for the benefit of all Libyans.”

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