UN Warns Libya Faces Economic Collapse Amid Central Bank Crisis 

A view of the Central Bank of Libya in Tripoli, Libya, August 26, 2024. (Reuters)
A view of the Central Bank of Libya in Tripoli, Libya, August 26, 2024. (Reuters)
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UN Warns Libya Faces Economic Collapse Amid Central Bank Crisis 

A view of the Central Bank of Libya in Tripoli, Libya, August 26, 2024. (Reuters)
A view of the Central Bank of Libya in Tripoli, Libya, August 26, 2024. (Reuters)

The United Nations Support Mission in Libya (UNSMIL) issued a statement late on Monday expressing deep concern "over the deteriorating situation in Libya resulting from unilateral decisions."

Disputes over control of Libya's Central Bank have raised alarms about the potential misuse of the country's financial resources.

"UNSMIL is convening an emergency meeting for all parties involved in the Central Bank of Libya crisis in order to reach a consensus based on political agreements, applicable laws, and the principle of the central bank's independence," the statement said.

The UN mission has called for the suspension of unilateral decisions, the lifting of force majeure on oil fields, the halting of escalations and use of force, and the protection of Central Bank employees.

Libya's economy is heavily reliant on oil revenue, and there have been moves to impose force majeure on oil fields, effectively cutting off the country's primary source of income.

Earlier on Monday, Libya's eastern-based administration ordered the closure of oilfields in eastern Libya, which account for almost all the country's production, halting both production and exports after tensions flared over the Central Bank's leadership.

There has been no confirmation of these actions from the Government of National Unity (GNU) in Tripoli or from the National Oil Corp (NOC), which controls the country's oil resources.



Former Arab League Chief Nabil El-Arabi Dies at 89

Nabil El-Arabi, the former Secretary-General of the Arab League (Asharq Al-Awsat)
Nabil El-Arabi, the former Secretary-General of the Arab League (Asharq Al-Awsat)
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Former Arab League Chief Nabil El-Arabi Dies at 89

Nabil El-Arabi, the former Secretary-General of the Arab League (Asharq Al-Awsat)
Nabil El-Arabi, the former Secretary-General of the Arab League (Asharq Al-Awsat)

Nabil El-Arabi, the former Secretary-General of the Arab League, died in Cairo on Monday at the age of 89. His distinguished diplomatic career spanned over 50 years, marking him as one of Egypt’s top diplomats.
El-Arabi graduated from Cairo University in 1955 with a law degree, then earned a master's in international law and a doctorate from New York University School of Law. He was a legal advisor to President Anwar Sadat during the peace talks with Israel.
He led the Egyptian team in negotiations to resolve the Taba dispute with Israel from 1985 to 1989, resulting in Egypt regaining the territory. El-Arabi also advised the Sudanese government on a border dispute with the Sudan People’s Liberation Movement.
From 2001 to 2006, El-Arabi was a judge at the International Court of Justice after serving on the UN International Law Commission. He was involved in various legal committees, including the UN Compensation Commission in Geneva and the Stockholm International Peace Research Institute.
El-Arabi served as Egypt’s ambassador to India and as Egypt’s permanent representative to the UN in Geneva and New York.
His most notable role came after the January 25, 2011 events when he became Egypt’s foreign minister for a few months before being appointed Secretary-General of the Arab League.
He served a single term before stepping away from politics.
During his time at the Arab League, he focused on resolving Arab conflicts and strengthening the League’s role in regional politics.