TRIPOLI, Aug. 26 (Xinhua) -- Libya's UN-backed government on Sunday demanded legal frameworks for economic reforms in the country to avoid possible obstructions.
"The Presidential Council of the Government of National Accord stresses the importance of legal frameworks for economic reforms in order to avoid any issue or legal challenge that might prevent implementation of such reforms," the government said in a statement.
Libya's economy has suffered from lack of liquidity in banks and dramatic drop in the exchange rate of the local currency against foreign currencies.
The government also stressed the importance of unification of the country's divided institutions, mainly the Central Bank, "in order to create a solid platform for the implementation of the reform program."
Oil-rich Libya is politically divided between authorities in the east and the west, including two central banks.
