Presidency Council announces commitment to economic reforms.

Tripoli, 26 August 2018 (Lana) The Presidency Council of the GNA stressed the importance of economic reforms as discussed with the Central Bank of Libya. In statement Sunday, the Presidency Council announced its commitment to implement the reforms designed to rectify monetary and economic malformation. The PC stressed that a thorough review of the reform programme was carried out by the PC and the Central Bank of Libya including the state of readiness of the banking sector to implement them, mechanism of implementation and their consequences besides the legal aspects that ought to be taken into consideration. The PC explained that the legal arguments about reforms began ever since the announcement of the reforms had been made, and the PC views the need for the availability of the legal framework for such reforms to eschew any issues or legal challenges that may hamper their implementation. The PC also stressed the need not to shoulder the public any additional burden as a result of such reforms and securing the basic needs of the public including food and medicine security. The PC also referred to the need to respond to its repeated calls for unifying sovereign state institutions and foremost the central bank in order to implement the reforms on solid grounds to achieve the longed financial stability and economic revival. The PC underscored that consultations with the central bank is still ongoing to find the best means to address the crisis and avoid its negative repercussions. It called in this respect all concerned to seek credibility when making statements and avoid any statements that may sow divisions and confusion. The PC considered in its statement the economic reform as a pressing issue for the PC for over two years, and it will not backtrack on this course which view that it has no other alternative. It called on all state sovereign institutions to shoulder their responsibilities at this extraordinary juncture. =Lana=