Libya's central bank deal aims to resolve political issues

Libya's head of state, Mohamed al-Menfi, announced a deal to appoint a new central bank governor, which he believes could resolve the country's ongoing political issues. The dismissal of the previous governor, Kabir, led to a shutdown of oil production by eastern forces, highlighting the deep political divisions in Libya. Menfi justified the dismissal by claiming Kabir managed funds without accountability and exploited the country's division. The new agreement aims to ensure good governance, accountability, and equitable distribution of state revenues. It must be ratified by Libya's two key representative bodies, the High Council of State and the House of Representatives. Menfi expressed hope that the deal would restore international accountability and tackle corruption, particularly in the subsidized fuel sector, which hampers economic development. He also supported simultaneous parliamentary and presidential elections to unify the legislative councils, acknowledging the challenges posed by fears of exclusion among the populace.