Siala Talks with AU Commissioner

PANA—The Deputy Secretary of the Libyan General People’s Committee for External Relations and International Cooperation, Mohamed Tahar Siala, had talks Thursday in Tripoli with the African Union (AU) Commissioner for Economic Relations, Maxwell Mkwzalamba.

Mkwzalamba hailed the speech delivered by Libyan revolutionary leader, Moammar Kadhafi during the 31st ordinary session of the Association of African Central Banks held Wednesday in Tripoli.

He emphasised the AU Commission’s willingness to accelerate the process for the setting up of continental financial institutions.

In his speech, Kadhafi had called for the creation of an African central bank, an African Monetary Fund and an African Investment Bank to facilitate the harmonisation of African monetary policies.

He observed that it is not in the interest of Africa to have forty or so central banks as is currently the case given that none of these banks has enough weight to compete with the giant central banks in the world, namely European, American and Japanese banks.

He maintained that delaying the launch of African federal financial institutions is a great betrayal towards African populations.

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