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The Media Advisor for the Libyan Investment Authority Reveals New Details Discussed in the Board of Trustees Meeting for the First Quarter of 2023

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Media Advisor for the Libyan Investment Authority, Louay Al-Griw, affirmed today, Sunday, in a statement to our source that the Board of Trustees of the Libyan Investment Authority held its first regular meeting in Tripoli, chaired by the Prime Minister and Chairman of the Board of Trustees, Abdul Hamid Dbeibeh. The meeting was attended by members of the Board of Trustees and the Board of Directors of the institution to monitor its activities.

During the meeting, a set of reports and memoranda were reviewed. The Chairman of the Board of Directors, Ali Mahmoud, presented a report on the institution’s activities, highlighting the activities of the Board of Directors and the significant achievements.

Al-Griw stated: “Deloitte presented the final results of the consolidated financial statements for the institution and its subsidiaries according to the International Financial Reporting Standards (IFRS). The international firm Ernst & Young provided a visual presentation on the approval of data and financial accounts for the institution’s group to prepare consolidated financial statements and the audit plan for the years 2020, 2021, and 2022.”

The Media Advisor further explained that the accounts and financial data of the institution’s group were approved. He clarified that the action plan includes preparing an accounting guide according to international standards for the institution and its subsidiaries, ensuring governance in the institution’s operations, and adherence to the Santiago Principles.

Al-Griw continued his statement, saying that the Board of Directors reviewed the short-term investment plan aimed at protecting assets and preserving their value. The Board approved the plan and welcomed the issuance of United Nations Security Council Resolution No. 2701 for the year 2023. The resolution expressed the Security Council’s readiness to consider amendments to asset freezing measures to allow reinvestment to preserve their value. The Council emphasized the importance of implementing the presented investment plan according to the proposed timeline to ensure the preservation of the frozen assets in accordance with the decisions of the United Nations Security Council.

The Media Advisor concluded his statement, stating that the Chairman of the Board of Trustees emphasized the need for the Board of Directors to develop investment plans for the institution and its subsidiaries as the Libyan sovereign fund. He stressed the importance of transparency and disclosure of all procedures.

Libyan Investment Authority Board of Trustees Holds Its First Meeting of the Year, Reviews External Auditor’s Report on the Institution’s Accounts for Previous Years

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The Board of Trustees of the Libyan Investment Authority held its regular first meeting for the year 2023 on Sunday, chaired by the Chairman of the Board of Trustees, Prime Minister Abdul Hamid Dbeibeh. The meeting was attended by the Board of Trustees, the Institution’s Board of Directors, and the teams from the global firms Deloitte and EY, serving as external auditors for the institution.

The meeting focused on reviewing the Board of Directors’ activity report for the fiscal year 2023, the external auditor’s report on the institution’s accounts for previous years, and the institution’s plan for the year 2024.

Ali Mahmoud presented a visual presentation demonstrating the alignment of accounts and financial statements, preparation of consolidated financial statements, and the measures taken by the institution regarding judicial reservations in collaboration with the legal affairs management and the prosecutor’s office. The institution’s financial management was also reviewed in various local and international banking and economic institutions.

The Deloitte team presented the steps taken in previous years to reach the financial reports according to international financial reporting standards, considering that these reports have not been approved since 2008.

The Ernst & Young (EY) team provided a visual presentation on its activity with the institution as an external auditor, outlining the financial assets of the institution and its subsidiaries that were financially reviewed in its report completed in the middle of the current year.

The company’s team clarified that the action plan includes the need for a practice guide according to international standards for the company and its subsidiaries, ensuring the government’s involvement in the institution’s work and engagement in the Santiago Initiative, combating corruption, supporting terrorism, and money laundering. The need for automation contributing to the preparation of consolidated financial statements was emphasized, along with the necessity of inventorying liabilities as an essential step in the auditing process.

Prime Minister Dbeibeh stressed the importance of continuing cooperation with internationally accredited institutions in completing consolidated financial statements, reviewing procedures for all assets of the institution, and working according to international financial reporting standards.

Dbeibeh added that the institution has been delayed in recent years in preparing consolidated financial statements, appointing an external international auditor to ensure transparency of procedures. He commended the current efforts of the Board of Directors in completing this important and fundamental file.

The Prime Minister emphasized to the Board of Directors the need to present investment plans for the institution and its subsidiaries, considering it as the Libyan sovereign fund, while adhering to transparency standards and disclosing all its procedures.

Under the Sponsorship of the GNU and Several Banks, Tripoli Hosts the Banking Forum for Business Technology

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The representative of Dana for Publicity Company announced today, Sunday, in a special statement to our source, the launch of the “Banking Forum for Business Technology” in its second edition. The forum will span three days, starting from December 18 to December 20 at the Corinthia Hotel in Tripoli.

Danah for Publicity Company representative, the organizer of the forum, added that the official sponsors of the event include the Government of National Unity, Sahel and Sahara Bank, Republic Bank, the golden sponsor Unity Bank, and Al-Muamalat Company. Additionally, the Libyan Foreign Bank, the Islamic Bank, Huawei Company, and several Tunisian companies are also sponsors.

She clarified that the opening of the forum, scheduled for tomorrow, will take place at 10 AM. The forum will be inaugurated by four ministers: the Minister of Youth, the Minister of Finance and Economy, the Minister of Labor, and several ambassadors.

She revealed the forum’s objectives, which include finding solutions to the violations that affected commercial banks in the past period. The Banking Forum will discuss cybersecurity, artificial intelligence, electronic means, and projects for medium and small enterprises.

The Ministry of Economy Discusses Joint Strategy with Chinese Council to Boost International Trade and Expand Libyan Exports

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Shadhar Al-Sayed, the advisor to the Minister of Economy and Trade, discussed today, Sunday, with the Deputy Director-General of the Department of International Trade Relations,  Jian Hongxi, at the headquarters of the Chinese Council to promote international trade in Beijing. They discussed the development of a joint action strategy aimed at enhancing bilateral trade, expanding Libyan exports to foreign markets, and facilitating the work procedures for Libyan traders and business owners in the Chinese market, contributing to an increase in trade volume.

They also discussed the agreement adopted by the Council of Ministers in 2010 between the Libyan Business Council and the Chinese Council to promote international trade. The agreement stipulated the formation of a Libyan-Chinese Business Council from both sides, holding regular alternating meetings in both countries, organizing trade fairs and specialized forums, and providing training.

Shadhar confirmed the previous trade cooperation, which reached $21 billion in 2010, with 75 Chinese companies operating in the Libyan market in various fields over the past years.

Jian Hongxi emphasized the Chinese Council’s desire to enhance international trade in collaboration with the Libyan Ministry of Economy and Trade in the fields of trade and industry. He expressed the intention to create a genuine partnership between the two countries and work on signing a memorandum of understanding in this regard.

At the end of the meeting, it was agreed to organize trade exhibitions and forums between the two countries in collaboration with the General Authority for Exhibitions, affiliated with the Ministry of Economy and Trade, due to its significant role in enhancing economic ties, exchanging experiences, and presenting investment opportunities.

Tripoli International Exhibition Hosts SportEx 2023

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Final preparations are currently underway at the Tripoli International Exhibition for the first edition of the Libyan International Exhibition and Forum for Sports, Fitness, and Health, known as SportEx 2023.

The organizing company stated to our source that the forum and exhibition will kick off on Monday, December 18, and will continue for two days. It will feature a wide range of participants, totaling 45 local entities.

The organizing company added that the exhibition will showcase products related to equipment, clothing, sports fields, sports clubs, nutritional supplements, and healthy food. Additionally, there will be contributions from specialized exhibitors in mechanical sports, e-sports, physical therapy, and sports media.

The anticipated event, executed by Rawaaq Exhibitions and Conferences, will include lectures and workshops focusing on healthy nutrition and some success stories, presented by various specialized doctors and coaches. Furthermore, it will feature unique sports events, including the first-ever CrossFit championship in Libya, covering various sports disciplines.

Al-Kabeer and U.S. Ambassador Emphasize the Necessity of the Central Bank’s Independence in Managing Libya’s Financial Resources

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The Governor of the Central Bank of Libya, Seddiq Al-Kabeer, discussed with U.S. Ambassador Richard Norland and Charge d’Affaires, Jeremy Brent, the importance of the independence of the Central Bank in managing Libya’s financial resources, including the issue of reconstruction after the floods.

According to the U.S. Embassy in Libya, Al-Kabeer, the U.S. Ambassador, and the Charge d’Affaires at the Embassy emphasized that an effective response to the needs of Derna and other affected cities would require a unified, transparent, and experience-based approach, in collaboration with international institutions, including the World Bank and the United Nations.

Presidential Council, Headed by Dbeibeh, Issues Decision to Allocate Credits Worth Approximately 8.8 Billion Dinars to Several Public Entities

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The Presidential Council of the Government of National Unity, led by Abdul Hamid Dbeibeh, issued a decision granting permission to the Ministry of Planning to allocate financial credits to several public entities totaling 8.793 billion dinars.

According to the decision, an amount of 1.3 billion dinars will be allocated for the construction of 500 future schools. Additionally, 1.19 billion dinars will go to the Housing and Facilities Implementation Agency, 1.19 billion dinars for the Transportation Projects Implementation Agency, and 1.15 billion dinars for the Development and Improvement of Administrative Centers to complete ongoing projects.

The decision also stipulates the allocation of 500 million dinars for the Housing and Facilities Implementation Agency to implement the National Water and Sanitation Program, 400 million dinars for the Ministry of Interior for the construction, maintenance, and equipping of facilities, and 400 million dinars for the Development and Improvement of Administrative Centers to equip implementing hospitals. Moreover, 337 million dinars are allocated for the Industrial River Authority to implement urgent projects.

The decision further allocates 250 million dinars for the Transportation Projects Implementation Agency to build several bridges, 225 million dinars for the Passports and Nationality Department to spend on the passport system, 175 million dinars for the Ministry of Sports for the maintenance and construction of clubs and public stadiums, and 105 million dinars for the General Intelligence Agency for security equipment and maintenance at its headquarters.

According to the decision, 100 million dinars will be allocated for the Ministry of Youth for the maintenance and equipping of youth centers, another 100 million for the Roads and Bridges Authority to complete ongoing projects, and the same amount for the Development and Improvement of Administrative Centers to supply the needs of water and sanitation projects. Additionally, 50 million dinars will go to the Civil Aviation Authority for the development of the aviation sector, and another 50 million for the Airports Authority to supply operational equipment. The same amount is allocated to the Ministry of Foreign Affairs for the maintenance of some embassy premises, and 21 million dinars for the Statistics and Census Authority to implement the National Statistics and Census Project.

Shakshak Discusses Capacity Building Project Stages with Public Financial Management Program in Libya

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Yesterday, Tuesday, the head of the Audit Bureau, Khaled Shakshak, discussed with the director of the Public Financial Management Program in Libya, affiliated with the United States Agency for International Development (USAID), Nael Shabaro, the progress of the capacity-building project. The project is being implemented in partnership and collaboration between the Audit Bureau and the agency, aiming to enhance the technical and institutional capabilities of the Audit Bureau.

The meeting also addressed the activities and key programs planned for the third year of the project, including automating audit processes according to international audit standards to improve the quality of audit results. Additionally, discussions covered future development programs and proposals in this regard.

Nael Shabaro, the director of the Public Financial Management Program, expressed his appreciation for the commitment of the Audit Bureau to implementing activities within the specified timelines and providing the appropriate environment and necessary support. This ensures the proper implementation of the project, confirming that the partnership with the Audit Bureau is one of the successful collaborations in the experience of the United States Agency for International Development.

Al-Hebri to Flusna: “What I had spent was equivalent to the budget deficit that ‘Al-Kabeer’ did not spend in the western region”

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Former Deputy Governor of the Central Bank of Libya, Ali Al-Hebri, said during his interview on the Flusna program with journalist Ahmed Sanussi that he no longer expands the public debt and is very cautious in spending in the eastern region, to the extent that he was described by the Speaker of the House of Representatives, Aguila Saleh, as ‘stingy.’

Al-Hebri explained that during his tenure, he spent 71 billion dinars on the first door, which included salaries. He also mentioned that 100 million was allocated to the government of ‘Abdullah Al-Thinni’ and another 100 million for the armed forces. The expenditure was equivalent to the budget deficit that ‘Al-Kabeer’ did not spend in the western region.

He added that if we assume that oil revenues are 15 billion, it would be spent by ‘Al-Kabeer’ in Tripoli, while he, in the eastern region, would spend the deficit in the budget related to the same 15 billion. Thus, if the spending is collected, it equals the budget’s expenses.”

Al-Hebri: “The Central Bank cannot change the exchange rate today unless its board is complete with all members”

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Former Deputy Governor of the Central Bank of Libya, Ali Al-Hebri, revealed today in a special interview for “Flusna” program that by the end of this year, “we are expected to face what is called a ‘twin deficit’ – a deficit in the balance of payments and the budget, which will affect the exchange rate.”

Al-Hebri added that the exchange rate will be in serious danger, and the Central Bank of Libya must carefully and seriously consider the exchange rate and take specific steps. He pointed out that the Central Bank cannot change the exchange rate because there is no board in the central bank; it is essential that the Central Bank’s board of trustees consists of 9 individuals, which is currently not available.

Regarding his dismissal from his position, the former deputy said: “I objected to the way I was dismissed, did not like it, and I will not cling to the position. It is not in my nature.” He also mentioned that he is ten times happier than he was in the job.

Ali Al-Hebri emphasized during his interview with the host Ahmed Sanussi that commercial banks need reform for 7 to 10 years, describing the banking sector as ‘backward.’

As for the closure of the clearing system, Al-Hebri added: “I have no response to the Central Bank Governor, Seddiq Al-Kabeer, regarding whether the clearing system is open or closed. The International Monetary Fund and Deloitte and the whole world know that the clearing system is closed. As long as there is a twin deficit, the situation is serious, and there will be an increase in the exchange rate. I do not know if the clearing system is open today or not.”