US and five European governments 'celebrate' Libya's investment stability efforts

The United States (US) and five other European governments have welcomed the efforts by Libya’s Government of National Accord (GNA) to return the north African country to political and investment stability.

The US joined France, Germany, Italy, Spain and the United Kingdom to commend the Fayez al-Sarraj led government for appointing an Interim Steering Committee of the Libyan Investment Authority (LIA).

According to them, the LIA has a vital role to safeguard Libya’s assets for the long term benefit of the Libyan people.

The governments referred to the UN Security Council Resolution 2259 which stressed the need for the Government of National Accord to exercise sole and effective oversight over the National Oil Company, the Central Bank of Libya, and the Libyan Investment Authority as a matter of urgency, and highlighted the importance of these institutions continuing to function for the benefit of all Libyans.

They further pledged their support for the GNA in preserving and protecting the independence and integrity of the Libyan financial institutions.

Libya was plunged into chaos following the forced ouster of long time ruler Muammar al Gaddafi. President Obama has described it as ‘‘the worst mistake of his presidency’‘ revealing that there was no plan after the overthrow of Gaddafi.

READ MORE Obama: Aftermath of Gaddafi overthrow, ‘worst mistake as president’

Libya now has rival governments ruling different parts of the country, even though the UN backed government in Tripoli led by Fayez al-Sarraj has gained international trust and support over the last few months.

Islamic State had also taken parts of Sirte until recently when forces loyal to the GNA launched a massive onslaught to drive them out. The insurgents have been fighting back usually using suicide bomb attacks.