The Libyan government threatens “force majeure” to preserve oil revenues

After the Libyan government appointed by parliament decided, Administrative seizure of deposited oil revenues With the accounts of financial institutions in the capital, Tripoli, in a move that would renew the political struggle over oil, the country’s main source of income, President Osama Hammad clarified some points.

The head of the Libyan government appointed by parliament, Osama Hammad, told Al-Arabiya/Al-Hadath that the outgoing Libyan government had wasted billions without providing any real services to the citizens.

Decisive actions

He added that his government is set in mind the preservation of public money through a package of measures, and in accordance with the financial law of the Libyan state.

He pointed out that it monitors, according to the control and accounting information, the blatant infringement of the Libyan people’s money by the outgoing government.

He also made it clear that the institution had recently enabled the outgoing government to unlawfully acquire $16 billion worth of funds, stressing that measures must be taken to enforce the law in order to preserve public money and protect it from tampering and corruption.

He stressed that the administrative seizure decision on oil revenues will also affect the funds related to the development section, without prejudice to the salary item, in addition to the continuation of spending on the service sectors.

threatens with “force majeure”

And he announced resorting to the Libyan judiciary to appoint a judicial guard over the seized funds, and if necessary, the red flag will be raised, to prevent the flow of oil and gas and stop their export, until the declaration of force majeure and recourse to the judiciary.

He said that this procedure will take place until the completion of the legal and financial procedures related to the financial arrangements, for which the House of Representatives formed a committee headed by the Chairman of the National Oil Corporation to restructure and implement budgets, calling on the United Nations Support Mission in Libya to exercise its effective role without bias, and to clarify all that has been wasted from the money of the Libyan people. .

He also appealed to all oversight, accounting and judicial authorities, represented by the Office of the Attorney General, to exercise the necessary work to hold accountable all those who tampered with the livelihood of the Libyan people.

It is noteworthy that the Libyan Parliament had announced the formation of a high-level committee to develop a proposal regarding the distribution of oil and gas revenues in certain proportions between the Central Bank of Tripoli and the Central Bank of Benghazi.

While the issue of the fair distribution of oil revenues and the way they are spent is one of the most important causes of the conflict in Libya and the most prominent motive for the continuation of the country’s crisis, as the political parties dispute among themselves over control of oil money, and have not yet agreed on the mechanisms for its distribution.