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LIA and International support

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LIBYAPROSPECT – London

The Libyan scene witnesses a significant evolution after the resignation of the head of the Libyan Investment Authority (LIA), Hasan Bu-Hadi, on 11/August.

Bu-Hadi tried to explain the reasons for his resignation, saying that it was because of the political orientations and the current circumstances that the country suffers, which is becoming a stumbling block in front of the success of LIA and its development.

In the same context, the resignation of the governor of the Central Bank of Libya (CBL) and the member of the board of trustees of the LIA, Ali Al-Hebri, on 14/August, had complicated the issue after he suspended his membership last January, especially his resignation letter, which he sent to the head of the board trustees explaining that there are pressures exerted on him.

The importance of the LIA and its assets of $67 Billion, which is significant for the economy of Libya made the Presidential Council (PC) take an urgent decision to form a committee of the interim panel to run the LIA. The interim head is Mahmoud Hasan Mohamed, who is authorized to work as the chairperson and executive director.

In another angle, the International Community support to the PC, which came in a statement from the United States, France, Germany, Italy, Spain, and Britain, is a significant factor in strengthening the LIA despite the questions about what could happen and what plans to run the LIA through the interim panel.