Libya and USAID Sign Fiscal Transparency Agreement

On 4 December 2020, Libya’s Ministry of Finance and the U.S. Agency for International Development (USAID) signed an agreement that outlines joint support towards promoting fiscal transparency and improving public financial management.

Taking place during a meeting between Libyan Finance Minister Faraj Bomtari and U.S. Ambassador to Libya Richard Norland, the signing of the letter of cooperation marked the robust partnership between USAID and the Ministry of Finance. According to Ambassador Norland, this “reflects the U.S. commitment to helping Libyan authorities earn the trust and confidence of the Libyan public that state resources are managed transparently and in the public interest.”

In addition to this, Ambassador Norland restated the United States’ support for keeping oil and gas revenues frozen under apolitical management as a temporary measure, contingent on finding a political solution for the country. In the meeting, Norland highlighted the importance of fiscal transparency and efficient management, which is critical to developing a business climate that will attract foreign investment.

Finally, the Ambassador and Minister Bomtari discussed ways in which USAID programs could support government efforts to empower municipalities, ultimately enabling them to play a greater role in delivering services to Libyans throughout the country.

With the agreement taking effect, this meeting took place during the ongoing Libyan Political Dialogue Forum (LPDF), which is part of the UN Support Mission in Libya’s (UNSMIL) call to convene Libya’s leaders for dialogue on the country’s economic challenges.

Source: U.S. Embassy in Libya