Libya's new unity government rekindles hope in Tripoli

Libya’s new unity government continues to win support from Tripoli residents.

Despite opposition from rival political factions, the new UN backed unity government rekindles hope among citizens on the country.

“This is good … since Fayez al Sarraj arrived in Tripoli, people seem more relaxed,” said Abdelmajid Naas an engineer.

Libya’s warring sides are under intense international pressure to cede power to Fayez al-Sarraj, whose arrival in the capital on Wednesday angered the rival Tripoli-based government.

Sarraj is a former businessman from Tripoli who was a member of a committee that paved the way to national dialogue and there are signs that allegiances are starting to shift in his favour.

On Saturday, Libya’s national oil company said it is going to work with the new government.

Libya's National Oil Corporation backs unity government https://t.co/ZjqDXyeVGw pic.twitter.com/be2hGbGHtK

— FRANCE 24 (@FRANCE24) April 3, 2016

Oil is Libya’s main natural resource, with reserves estimated at 48 billion barrels, the largest in Africa, but output has declined up to 80% since the 2011 uprising that oustered its long time ruler Muammar Gaddafi.

Control of the oil industry is essential for the new government, which not only needs to unite a divided country but also rebuild its economy.

Another signal of hope is the value of the Libyan dinar that is currently trading at about 2.7 to the dollar in the parallel exchange market.

Libyans hope that the new unity government will bring peace and stability and rebuild an economy that is facing a liquidity crisis.

AFP