The Nor-way

5 September 2011 By Una Galani Follow @ugalani

The country’s new leaders must decide how to manage Libya’s oil wealth after funding reconstruction. Opaque handouts might be a tempting way to win tribal loyalties. But it would be better to copy oil-rich Norway and create a transparent and accountable sovereign fund.

This content is for Subscribers only

Context News

Libya must prioritise transparency of its oil wealth by writing concrete provisions into the transitional constitution, campaign group Global Witness said on Aug. 31.

“Negotiations over how the interim government manages unfrozen funds and oil trades could set the scene for a new era of economic justice for Libyans - or could mark a great lost opportunity if transparency is not a priority on the agenda in Paris,” continued Brendan O’Donnell, Senior Campaigner at Global Witness.

The National Transitional Council has pledged that oil revenues will be allocated to the fulfilment of the economic, social, and cultural rights of the Libyan people and that public funds will be made transparent.

Libya’s draft constitution says that the state shall guarantee the fair distribution of national wealth among citizens.

Email a friend

Please complete the form below.

Required fields *