The Qaddafi regime has consistently squandered Libya’s substantial oil revenues. As a consequence of such gross mismanagement and corruption, the regime has impeded the ability of the Libyan people to enjoy the wealth of their nation and failed to foster institutions that uphold the rule of law and human rights.
The National Transitional Council (NTC) hereby reaffirms its commitment to ensuring that oil revenues will be allocated to the fulfillment of the economic, social, and cultural rights of the Libyan people, such as increased spending on education, health, and other social services. Public funds will be made transparent and will be used for the betterment of the Libyan people and the development of the country.
We also adhere to and support the principles of good governance, accountability and transparency as promoted by the International Monetary Fund. We look forward to when a free and united Libya is able to work with such international institutions to increase fiscal transparency, accountability and best practice, particularly in the management of oil revenues and government expenditures.