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Author: LS

The Deputy Prime Minister of the Libyan Government meets a delegation from the Egyptian Industrialization Authority

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The Deputy Prime Minister of the Libyan government of the House of Representatives, Ali Faraj Al-Qatrani, held a meeting yesterday, Tuesday in his office in the city of Benghazi, with the delegation of the General Authority for Industrialization from the Arab Republic of Egypt, in the presence of the Ministers of Finance and Planning, of Communications, of Electricity and of Water Resources, while the Egyptian delegation included a number of engineers in addition to the media consultant Mohamed Naqed.

Al-Qatrani praised Egypt’s role in supporting its neighbor Libya, especially in the field of reconstruction and the establishment of the International Exhibition and Conference for Building and Construction in the city of Benghazi, noting that this step is the best evidence of the full and mutual cooperation between the two brotherly countries.

The meeting discussed ways of fruitful cooperation between the two sides in the fields of construction, communications, agriculture, electricity, water resources, reconstruction, and opening investment horizons to complete the stalled population projects and harnessing all the capabilities necessary for that from the Egyptian manpower and expertise.

Al-Qatrani stressed during the meeting to overcome difficulties and provide all facilities, including administrative and legal procedures, and legislation in the implementation of construction projects on the ground, pointing out that the Libyan government gives priority to investment, especially in the areas of housing, agriculture, industry and communications, in order to lift the burden on the Libyan state, in addition to diversifying income sources that benefit the national economy.

The Central Bank of Libya reveals a surplus during the first four months of 2022, amounting to 30 billion dinars

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The Central Bank of Libya revealed in a statement today, Wednesday, that it achieved a surplus during the first four months of 2022 at a value of 30 billion dinars, indicating that the total revenues during this period amounted to 52.9 billion dinars, while the total expenditures did not exceed the amount of 22.9 billion dinars.

The Central Bank clarified in its statement that most of the revenues achieved during the four months of this year came from oil revenues, which amounted to 37.4 billion dinars, in addition to taxes on oil companies, which amounted to 3.2 billion dinars this year, and an additional amount of 11.4 billion dinars from previous taxes.

As for the sovereign revenues, they did not exceed the amount of 900 million dinars, distributed between tax revenues of 521 million dinars, and only 30 million dinars for customs revenues, 146 million dinars from communications revenues, and 60 million dinars from the sale of fuel in the local market, in addition to other revenues of 194 million dinars. .

As for expenditures, the Central Bank statement revealed that the bulk of spending during the first four months of this year was on salaries, which amounted to 13.3 billion dinars, while the total expenditures on support amounted to 8.1 billion dinars, in addition to 1.5 billion to cover operating expenses.

The Central Bank data show that Aman Bank obtained the most foreign exchange during the first four months of this year, exceeding one billion dollars

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Today, Wednesday, the Central Bank of Libya published a statement of the total foreign exchange amounts sold to commercial banks during the first four months of this year, which amounted to about $5.9 billion. Aman Bank topped the commercial banks in the total foreign exchange sold, with a value of about one billion and 76 million dollars. Yaqeen Bank topped the banks in credits with a value of more than 499 million dollars, while Aman Bank was the best-selling dollar for personal purposes, with a value of more than 885 million dollars.

According to the Central Bank’s statement, the total appropriations during the first four months of this year amounted to about 3.5 billion dollars, the largest share of which was to Yaqeen Bank, with a value exceeding 499 million dollars, then Jumhouria Bank with approximately 494 million dollars, the Libyan Islamic Bank with 358 million dollars, and then Nuran Bank At $356 million, the total foreign exchange sales for personal purposes amounted to about $2.3 billion, the largest share of which was Aman Bank with a value of 885 million dollars, followed by the National Commercial Bank with 518 million dollars, and then the Jumhouria Bank with a value exceeding 284 million dollars.

The Central Bank of Libya indicated that the total value of remittances carried out by commercial banks during the months of January, February and March amounted to approximately 43 million dollars, of which approximately 14.5 million dollars were implemented by the North Africa Bank, 7.7 million dinars by the Libyan Foreign Bank, and 5.3 million dollars by Jumhouria Bank, and more than 4 million dollars were implemented through the Libyan Islamic Bank.

The Central Bank of Libya: “Foreign exchange uses during the past four months amounted to about 10.3 billion dollars, while revenues exceeded 11.2 billion”

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The Central Bank of Libya revealed in a statement today, Wednesday, that the total foreign exchange uses during the first four months of this year amounted to approximately 10.3 billion dollars, while the total foreign exchange revenues supplied to the Central Bank of Libya during the same period amounted to 11.2 billion dinars, of which 2.5 billion were from taxes of oil companies in previous years.

In its statement, the Central Bank stated that, during the first four months of this year, it fed the accounts of commercial banks with an amount of 5.9 billion dollars, including 3.5 billion dollars for credits, 2.5 billion dollars for personal purposes and 43 million dollars in study and treatment transfers on the private account, salaries of expatriates, aviation and others, in addition to outstanding commitments of $3.7 billion.

It added that the state’s total foreign exchange use during this period amounted to 668 million dollars, of which 57 million dollars were salaries of workers abroad, 32 million dollars for treatment abroad, 14 million dollars to the National Oil Corporation, 117 million dollars remittances to other parties, and 448 million dollars were payments of existing credits to public authorities, including an amount of 193 million dollars for electricity, 126 million dollars for the medical supply system and 48 million dollars for the Ministries of Education and Higher Education, in addition to 81 million dollars for other public entities.

Following up on the implementation of the extraordinary budget of the National Oil Corporation

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Today, Tuesday, representatives of the Audit Bureau, the Central Bank of Libya, the National Oil Corporation, and the Ministries of Finance and of Planning held a meeting at the Office of the Prime Minister, in order to follow up on the implementation of the extraordinary budget of the National Oil Corporation in accordance with the items approved therein.

A number of administrative and technical measures that contribute to accelerating the plan of the National Oil Corporation were also agreed upon.

Sanalla: “The Corporation continues its “unlimited” support for the Libyan Petroleum Institute”

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Today, Tuesday, May 24, 2022, the Chairman of the Board of Directors of the National Oil Corporation, Mustafa Sanalla, held a meeting with the head of the designated Libyan Petroleum Institute Management Committee, Kamal Al-Muntaser and a member of the Institute’s Management Committee, Rabia Mqeq.

The meeting discussed the general activity of the Institute and the problems and obstacles it faces, the most important of which is its need for some devices and equipment to carry out research and scientific studies, and cover the needs of the Libyan oil market.

The two parties also presented a number of solutions and proposals to solve the existing problems, most notably the spatial expansion of the Institute, stressing their commitment to implementing the decisions of the Foundation’s management, specifically related to the localization of reservoir studies in the field of environment and earth sciences.

For his part, Sanalla affirmed the institution’s continued support for the Libyan Oil Institute so that it could cover all scientific research supporting the oil industry, stressing that it is fully aware of the importance of research and the benefit it brings to the sector. He also urged the Institute’s management to exploit the rich human potential it possesses, to give an opportunity to youth who have the ability to do business, and to work on building national capacities.

The dollar is declining

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A currency dealer confirmed this morning, Tuesday, the decrease in the dollar exchange rate in the parallel market, where the dollar recorded 5.06 this evening, while it was recording 5.10 yesterday.

According to the trader, the euro reached 5.36 this morning, while yesterday it recorded 5.35.

Dbeibeh, Shakshak and Al-Abdali follow up on government spending and contractual procedures related to the projects of the Electricity Company

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Today, Tuesday, the Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh, held a meeting with the President of the Audit Bureau, Khaled Shakshak, in the presence of the Chairman of the Board of Directors of the General Electricity Company, Wiam Al-Abdali, and a number of directors of the technical departments of the Bureau.

The meeting was devoted to following up the procedures related to a number of projects affiliated with the General Electricity Company, and working on addressing the observations received from the Audit Bureau to complete the contractual procedures, as well as addressing the observations received from the Bureau, regarding activating the work of the project for the maintenance and development of the Sports City, Tripoli.

The meeting also touched on monitoring government spending, and activating disclosure and transparency in all government expenditures.

Libya Africa Investment Portfolio recovers $16 million that was illegally invested with the Deutsche Bank in Frankfurt in 2011

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The Libya Africa Investment Portfolio announced today, Tuesday, the recovery of a sum of 16 million US dollars from the funds belonging to the Libya Africa Investment Portfolio, which was illegally invested with the Deutsche Bank of Frankfurt in 2011.

In a statement, the wallet indicated that the Supreme Court of the Federal Republic of Germany had issued a final judgment in which it convicted the accused of illegally stealing money and sentenced them to prison terms ranging from two to four years, among other sentences.

The Oil Workers’ Union demands Aqila Saleh exempting oil sector workers from income tax deductions and settling their financial conditions

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The Parliament Speaker Aqila Saleh met today, Tuesday, with the General Union of Oil and Gas Workers, to follow up on workers’ demands and address legislative deficiencies in some laws and decisions related to income tax and increasing the salaries of workers in the oil and gas sector.

The meeting touched on discussing all issues related to workers in the oil and gas sector, on top of which was emphasizing the application of Law No. 1 of 2022 regarding voluntary retirement for workers in oil and gas sector companies issued by the House of Representatives, in addition to discussing the activation of Resolution 642 regarding increasing the salaries of workers in the oil and gas sector and the right of retired workers and martyrs of duty to benefit from this increase, and the affirmation of the right of all workers to settle their financial situation from the date of the decision issued in 2014.

The Union also called on the Presidency of the House of Representatives to exempt workers in the oil sector from income tax deductions, similar to the rest of the Libyan state employees who are exempted from income tax in accordance with Law No. 7 of 2010.

The meeting also tackled the budget scarcity of the National Oil Corporation and its negative impact on the sector and the conditions of workers in the sector and praising the National Oil Corporation in leading this sensitive stage, and the item of funds and subscriptions that were embezzled from banks in the city of Tripoli and referring the case to the Attorney General, as well as discussing the recent closures of oil and the claim by keeping the National Oil Corporation away from political quarrels and demanding the issuance of a legislative text that guarantees the disbursement of an independent budget to the National Oil Corporation.