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Libyan and French finance ministries discuss frozen money

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LIBYAPROSPECT – Valetta

The Minister of Finance of the Government of National Accord (GNA), Osama Hammad, met in Malta, on Thursday, the French Finance and Economy Minister, Michel Sapin. The meeting was on the sidelines of the meeting of 5+5 states for the ministers of finance in Malta.

The two ministers discussed the financial cooperation between Libya and France. They talked about what France could provide support for Libya and release the Libyan frozen money to cover the expected deficit in the Libyan budget in 2017.

Sapin tackled the possibility to support Libya in the needed technical development in the oil fields to raise the production rates and the oil revenues.

Hammad pointed that this issue is not under his ministry, but he vowed that he would transfer it to the Presidential Council (PC) of the GNA.

The two ministers agreed to form a joint team to identify the scope of work and include the mechanization that would be provided by the French ministry to the Libyan side.