The Libyan Prime Minister, Fathi Bashagha, said the U.S. State Department’s Financial Transparency Report highlighted the extent of financial corruption of the outgoing government led by Abdul Hamid Dabaiba.
“Undoubtedly, these practices must end, which my government will strive to achieve,” Bashagha pointed out on his official Facebook page.
He added, “We will focus on applying the principles of accountability, transparency and compliance in all state institutions, working according to a budget approved by the House of Representatives (HoR).”
He stressed the need for the independence of the National Oil Corporation (NOC) and the preservation of the country’s natural resources through a clear mechanism for managing them for the direct benefit of the Libyan people, explaining that the establishment of democracy goes through achieving financial stability.
The US State Department’s report on financial transparency in Libya during 2022 indicated that the Libyan government did not fully use internationally accepted accounting principles, while the oversight body did not meet international independence standards.
The report noted the absence of sufficient details on the Libyan state’s debt obligations, including the debts of state-owned companies. It also criticized the lack of adequate details on spending projects and operations.
The US State Department also noted that Libya’s sovereign wealth fund failed to disclose its source of funding or its general approach to withdrawals.