Daniel Kawczynski – 2016 Parliamentary Question to the Foreign and Commonwealth Office

The below Parliamentary question was asked by Daniel Kawczynski on 2016-04-08.

To ask the Secretary of State for Foreign and Commonwealth Affairs, what assistance his Department is giving to Libya to help the country diversify its economy so that it is not so dependent on revenue from oil.

Mr Tobias Ellwood

In the long run, economic diversification away from oil will help Libya restore fiscal balance and sustainability. In the short run, the UK, and our international partners, believe that the proper functioning and independence of the Central Bank of Libya, National Oil Corporation, and other key financial institutions, are crucial to efforts to rebuild the Libyan economy. Furthermore, effective public financial management will be crucial in helping the GNA achieve real impact on the ground and gain economic credibility. It is why we have committed £3 million over the next two years to provide technical assistance and economic governance expertise to Libya.