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Al-Kilani discusses the situation in the city of Tawergha

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The Minister of Social Affairs, Wafa Al-Kilani, held a meeting with a delegation of notables and sheikhs of Tawergha, where they gave the minister an idea about the situation after a number of families returned to the city.

It also discussed ways to speed up the return of the displaced through a set of measures that motivate citizens to return, including providing infrastructure such as regular electricity, maintaining schools, hospitals, sanitation, and helping families whose homes were damaged, repairing and maintaining them.

Al-Kilani also stressed her interest in the displaced families, as she formed a committee to confine the displaced from Tawergha in the Tripoli camps, and to follow up on the psychological support team of the Ministry for the children of the camps. She promised, through the National Unity Government, to seek to solve many of the problems that impede the return of the displaced.

She also revealed the ministry’s intention, if conditions permit, to hold the next productive families exhibition in Tawergha to encourage them in the city.

The liquidity team: “67 million arrived at Benina Benghazi Airport”

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The liquidity team of the Central Bank of Libya revealed exclusively that the twelfth shipment of liquidity arrived at Benina Airport in Benghazi, with a value of 67 million dinars, to be distributed to bank branches in the eastern region, bringing the total shipments sent since the beginning of the holy month of Ramadan to 935 million dinars.

This is within the framework of the Central Bank of Libya’s plan to provide liquidity in all branches of commercial banks in all regions of Libya and in the framework of coordination between the Central Bank of Libya, Tripoli and Benghazi.

Adapted from Sada Website

Taking the legal oath before Al-Manfi by the Libyan ambassador to the Republic of Ghana

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Today, Wednesday, the new Libyan ambassador to the Republic of Ghana, Khamis Baraka, took the legal oath before the President of the Presidential Council, Mohamed Al-Manfi, before heading to the country to which he was delegated.

Al-Manfi stressed, during the swearing-in ceremony for the ambassador, that his mission to represent Libya in the Republic of Ghana should contribute to strengthening Libya’s relations with Ghana, wishing him success in the mission assigned to him.

The ambassador pledged his keenness to work on developing Libya’s relations with the Republic of Ghana to serve the interests of the two African countries.

The Minister of Oil: “The Libyan state now cannot contribute any additional quantities of crude oil or natural gas”

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The Minister of Oil and Gas in the Government of National Unity, Mohamed Aoun, said that “the Libyan state now cannot contribute any additional quantities of crude oil or natural gas because we do not have reserves ready to produce it today so that it is pumped to global markets.”

Aoun added in televised statements that he does not believe that Libya will be able to help and resolve the European crisis resulting from the Russian-Ukrainian war, noting that we need at least five years to be able to contribute to pumping additional quantities of oil and gas.

He explained that the development of oil and gas discoveries needs a time ranging from three to five years to produce from the discovered fields, citing that there are marine vessels in partnership with Italy that are under development now, but they will not start production before at least two years.

Aoun, the Oil Minister indicated that if the Russian-Ukrainian war is prolonged, oil prices may rise to 150 dollars a barrel, adding that he believes that intervention will be made to balance supply and demand, and the price of a barrel of oil will not be allowed to reach imaginary prices.

The United States of America calls for an end to the oil shutdown

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The US Embassy in Libya stressed the need to immediately end the oil fields closure and find a Libyan mechanism to resolve disputes instead of dependent on services, through a statement published today, Wednesday, on its official Facebook page.

The United States of America indicated in its statement that the closure harms all Libyans and that it has repercussions on the global economy, and warns of an environmental catastrophe that will cost Libya millions.

The statement also noted that Washington recommended, before the closure, that the transfer of revenues be subject to monitoring and supervision through a Libyan-led financial mechanism, but that officials decided independently to transfer more amounts.

Bashagha asks the head of the National Oil Corporation to establish a mechanism to preserve oil revenues to end the oil fields closure crisis

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The Libyan Prime Minister, Fathi Bashagha, asked the head of the National Oil Corporation, Mustafa Sanalla, to set up a mechanism to preserve oil revenues to end the oil closure crisis while ensuring the continuation of the payment of salaries and support in order to preserve the interest of the citizens.

Bashagha said that as part of the Libyan government’s efforts to end the crisis of suspending oil production and exports, which is causing serious damage to the financial position of the Libyan state and the infrastructure of the oil sector; He communicated with many parties, visited the Oil Crescent region and listened to the demands of the protesters who expressed their objection to the mechanisms for disposing of funds resulting from oil revenues and the lack of transparency and the distribution, employment and management of those funds without any legal basis in expenditures.

Bashagha stressed that the Libyan government is seeking to resume oil production and export, and is fully prepared to complete all necessary procedures to ensure the adoption of mechanisms related to the preservation and maintenance of oil revenues and within its good management and non-employment and political exploitation, which requires agreement on specific and disciplined mechanisms that guarantee the preservation of oil revenues in the accounts of the National Oil Corporation and not to be referred until the issuance of the budget law by the House of Representatives.

The Libyan Prime Minister stressed to the Chairman of the Board of Directors of the National Oil Corporation, Sanalla, the necessity of transmitting proposals regarding the mechanisms necessary to preserve and maintain funds resulting from oil revenues in a manner that ensures an end to the crisis of suspending oil production and exports while ensuring the continuation of the payment of salaries and the like, as well as the continuation of the disbursement on Chapter Four In the interest of citizens.

The World Bank warns of challenges inside Libya

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The World Bank has warned that Libya will face enormous economic challenges in light of the disintegration of state institutions and social challenges with the tense political situation.

Jesko Hentschel, the Regional Director of the World Bank for the Maghreb and Malta, said that Libya desperately needs unified institutions, good management, strong political will, and long-awaited reforms.

A recent report issued by the Libyan Economic Monitor, affiliated with the World Bank, confirmed that the country’s economy performance for most of the year 2020 is the worst in recent years in light of problems in the oil sector and also the country’s impact on the emerging Coronavirus pandemic, which caused more economic and social turmoil and a decline in the Gross Domestic Product at the end of the same year.

Despite positive estimates regarding the recovery of the Libyan economy during the year of 2021, the report warned that growth in the non-oil sectors remained weak, hampered by the ongoing conflict and poor services, including the energy sector, and with the ongoing pandemic.

The bank added that the country needs urgent investments in infrastructure and improvement of security conditions in large parts of the country, which may contribute to improving the provision of public services and creating conditions for a rapid recovery in the non-oil sectors.

Al-Huwaij and Al-Ghweil discuss the possibility of activating the Price Stabilization Fund

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The Minister of Economy and Trade in the Government of National Unity, Muhammad al-Huwaij, discussed with Minister of State for Economic Affairs Salama Al-Ghweil the possibility of activating the Price Stabilization Fund and working on developing a program to reform commodity subsidies in line with local and international conditions.

The two ministers, Al-Huwaij and Al-Ghweil also discussed the investment plan of the national unity government’s development plan to develop infrastructure and implement investment projects in the sectors of industry, agriculture and renewable and clean energies, and harnessing natural resources in all regions to achieve spatial development.

Libya: A Political Roadmap to Economic Recovery

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As Libya continues to seem to be headed for a direction following the cancellation of the expected December 24 first round of presidential elections, Libya has considered a slew of high-level figures talk out nervously about the country’s unsure course to useful governance and peace. In October, each Libyan Foreign Minister Najla Mangoush and now former U.N. distinctive envoy for Libya, Jan Kubis, spoke of the significance of a peaceable transition, with Kubis warning of the potential risk that elections pose, renewing warfare and dividing the country have to they no longer go as planned.

The aftermath of the cancellation is predicted to be especially troubling, sparking the resumption of armed conflict between the various parties competing for power in the country that has been wracked by means of turmoil and violence for over a decade. The best case situation of a peaceful delay of election and eventual transition of energy does no longer avert the country beset by factionalism and division from returning to conflict similarly down the line, specifically if the ‘success’ of ‘liberal democracy’ in different MENA states is whatever to go by. Even the supposed Arab Spring success of Tunisia presently appears fraught.

Amidst this political anxiety, financial issues additionally proceed to be obvious in the North African country. Indeed, from the very outset of Libya’s strife a decade in the past analysts had been noting the financial uncertainty that was once being ushered into what used to be a fantastically rich country and one preserving some of Africa’s greatest oil reserves. Oil production, the country’s most necessary export enterprise, has especially suffered with manufacturing continuously beneath threat from plunder.