During the spring meetings of the International Monetary Fund and the World Bank Group 2024 in Washington, D.C., Khalid Al-Mabrouk, the Libyan Finance Minister of the Interim Government of National Unity, held discussions with his counterpart from Guinea-Bissau, Elidio Vieira, regarding the settlement of debts owed to Libya.
Vieira affirmed his country’s commitment to honoring its debt obligations on time.
The meeting between Al-Mabrouk and Vieira took place on the sidelines of the aforementioned gatherings, as per a statement released by the Libyan Ministry.
However, the exact amount of debt owed to Libya was not disclosed in the statement.
The discussions also touched upon opportunities for Libyan investors to venture into the tourism and agriculture sectors in Guinea-Bissau.
Both parties concluded by confirming Guinea-Bissau’s dedication to fulfilling its debt repayments to Libya according to the agreed-upon schedule.
Moreover, they agreed to inform Libyan investors about investment prospects in Guinea-Bissau through the Chamber of Commerce and Industry.
Guinea-Bissau, a West African nation, has faced economic challenges in recent years, including high levels of debt.
The country’s economy relies heavily on agriculture, with cashew nuts being a major export. Political instability and coups have hindered economic development and led to uncertainty for investors.
Libya, on the other hand, has been grappling with its own set of challenges following years of conflict and political instability. As part of its efforts to stabilize its economy, Libya seeks to recover debts owed to it by various countries, including Guinea-Bissau.
