Sec. 303. Engaging international financial institutions to advance Libyan economic recovery and improve public sector financial management
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The Secretary of the Treasury shall instruct the United States Executive Director at each international financial institution to use the voice, vote, and influence of the United States to support, in a way that is consistent with broader United States national interests, a Libyan-led process to develop a framework for the economic recovery of Libya and improved public sector financial management, complementary to United Nations-led peace efforts and in support of the future establishment of a sovereign state with democratic institutions and the rule of law in Libya. To the extent consistent with broader United States national interests, the framework described in subsection
(a)shall include the following policy proposals: To restore, respect, and safeguard the integrity, unity, and lawful governance of Libya’s key economic ministries and institutions, in particular the Central Bank of Libya, the Libya Investment Authority, the National Oil Corporation, and the Audit Bureau (AB). To improve the accountability and effectiveness of Libyan authorities, including sovereign economic institutions, in providing services and opportunity to the Libyan people. To assist in improving public financial management and reconciling the public accounts of national financial institutions and letters of credit issued by private Libyan financial institutions as needed pursuant to a political process. To restore the production, efficient management, and development of Libya’s oil and gas industries so such industries are resilient against malign foreign influence and can generate prosperity on behalf of the Libyan people. To promote the development of private sector enterprise. To improve the transparency and accountability of public sector employment and wage distribution. To strengthen supervision of and reform of Libyan financial institutions. To eliminate exploitation of price controls and market distorting subsidies in the Libyan economy. To support opportunities for United States businesses. In supporting the framework described in subsection (a), the Secretary of the Treasury shall instruct the United States Executive Director at each international financial institution to encourage the institution to consult with relevant stakeholders in the financial, governance, and energy sectors. In this section, the term international financial institution means the International Monetary Fund, International Bank for Reconstruction and Development, European Bank for Reconstruction and Development, International Development Association, International Finance Corporation, Multilateral Investment Guarantee Agency, African Development Bank, African Development Fund, Asian Development Bank, Inter-American Development Bank, Bank for Economic Cooperation and Development in the Middle East and North Africa, and Inter-American Investment Corporation. The requirements of this section shall cease to be effective on December 31, 2024.