The document from the Executive Office of the President announces that the national emergency concerning Libya, first declared on February 25, 2011, will continue beyond February 25, 2021. This continuation is necessary because the situation in Libya still poses a threat to the national security and foreign policy of the United States. The emergency was initially declared due to actions by Colonel Muammar Qadhafi and his associates that threatened Libya's stability and involved violence against civilians. The aim is to protect Libyan state assets from misappropriation and support national reconciliation efforts.
Simple Explanation
The President's office said they need to keep a special rule going because the situation in Libya is still a bit scary, and they want to make sure it stays safe and peaceful, so they can protect valuable things there and help everyone get along better.