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Dreeja says changing the exchange rate is only one step towards economic reforms

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The Libyan economic analyst, Mohsen Dreeja, said during  a televised interview for Libyan WTV channel and Tabadul Platform that changing currency exchange rate is a decision linked to the  indivisible economic reforms, among which is the unification of the official exchange rates.

Mohsen Dreeja affirmed that there should have been a preliminary reduction estimated at LYD 4.25 , then a reduction estimated at LYD 4 , and another reduction at around LYD 3.75 until reaching LYD 2.75 or LYD 3 within a year or a year and a half.

“The exchange rate remained at only 4.5 dinars because there is no homogeneity in the State’s economic policies,” Dreeja said.

According to the economic analyst, changing the local exchange rate is one of the steps that should have been followed by a gradual reduction because the citizens’ purchasing power is measured by the dinar’s exchange rate.

Dreeja also stressed that the exchange rate’s gradual reduction and rationalized government expenditure could obviously improve the living standards.

According to Dreeja, the economic reforms are a series of measures and are not limited to one procedure or step. In other words, being restricted to a determined exchange rate is an incorrect procedure.

Moreover, Dreeja explained that the government and the Central Bank have neither an economic policy nor an economic reform.

Prime Minister of Greece makes official visit to Libya

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Kathimerini daily newspaper stated that Prime Minister Kyriakos Mitsotakis announced visit to Libya on April 6, a government spokesperson said on Thursday.

The visit comes in the wake of the political change in the North African country and reflects Athens’ aim to restore its relations with Libya and to safeguard Greece’s geostrategic interests.

Mitsotakis is scheduled to meet Mohamed al-Menfi, the new chairman of the Presidential Council of the new Government of National Unity (GNU), and Libya’s new interim prime minister, Abdul Hamid Dbeibah.

His visit will also mark the immediate opening of the Greek embassy in Tripoli.

Italy’s Draghi urges Libya to strictly maintain ceasefire

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Italian Prime Minister Mario Draghi on Tuesday urged the Libyan government to ensure that the country’s ceasefire is maintained and strictly observed, according to reuters .

In comments to the press alongside Libya’s interim Prime Minister Abdulhamid Dbeibeh, Draghi said the two leaders had spoken about immigration and economic cooperation between the two countries with strong historic ties.

UNSMIL convenes meetings to review preliminary results of the CBL’s financial audit review

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Between 2-5 April, The United Nations Support Mission I Libya (UNSMIL), together with the United Nations Office for Project Services (UNOPS) and Deloitte International, the firm selected to conduct the financial review process, convened a series of meetings with representatives of the Presidency Council, the Attorney General’s Office and both branches of the Central Bank of Libya (CBL) to review and verify the preliminary results of the international financial review of the CBL.

As requested by former President of the Presidency Council Fayez Serraj, the purpose of the international financial review is to restore integrity, transparency and confidence in the Libyan financial system and create the conditions for the unification of Libyan financial institutions. This request was endorsed by the UN Security Council in UN Resolution 2434 that mandated UNSMIL to support the process. Governor Al-Sadeeq El Kabir and Deputy Governor Ali Al Hebri agreed to a Terms of Reference with the support of the International Financial Institutions. An international procurement process was managed by UNOPS resulting in the selection of Deloitte International.

Since the launch of the process in August 2020, Deloitte gathered information from both branches of the CBL. This information was combined with additional data from other official sources which were then verified through third party confirmations with the relevant commercial banks.

According to the UNSMIL, the final report will be completed this month. It will include recommendations on how to improve the integrity and unity of the banking system including, in particular, practical steps to unify the central bank and enhance accountability and transparency.

Libya, Malta discuss air travel between the two countries

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Times of Malta said that Prime Minister Robert Abela is travelling to Libya for high-level talks on migration and security in the region.

Abela and a team of political advisors are en route to Tripoli where they will meet with newly installed Prime Minister Abdul Hamid Dbeibah.

According to Times of Malta, topics on the agenda for discussion include Malta-Libya relations, migration, air travel between the two countries, frozen assets, trade, and security in the southern Mediterranean region. 

Abela will also be meeting with Libyan President Mohamed al-Menfi.

Debaiba promises to release salaries before Ramadan

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During a live broadcast to mark the delivery of the first shipment of Covid-19 vaccines , Prime Minister of the Government of National Unity, Abdul Hamid Debaiba announced on Sunday that all public sector salaries would be released by the beginning of the holy month of Ramadan.

Debaiba added:” I hope the brethren in the House of Representatives and the State will adopt the budget without delay and pledge you to pay all salaries at the beginning of each month, in agreement with the Central Bank of Libya.”

The PM of the Government of National Unity promised citizens to pay salaries at the beginning of the month without delay, stating that more than 250,000 Libyans received low salaries, which was not enough. “So we decided to pay increases to low-income people.”

It also pointed out that all planned increases for low-income people would be paid before the Holy Eid Al-Fitr, explaining that increases and awards for all segments would be made retroactively as of last January.

First shipment of Russia’s SputnikV vaccine doses arrives in Libya

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The Libyan Minister of Health, Ali Zanati, announced on Sunday that a shipment of 101,250 dozes of Russia’s Sputnik V Covid-19 vaccine arrived in Libyan capital Tripoli.

According to the minister, priority for vaccination will be for medical staff treating COVID-19 patients inside isolation units, followed by the elderly, those with chronic diseases, and then medical workers in different hospitals and medical centers.

More than LYD 977 million allocated for Libya’s electricity company

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The spokesman for the Libyan Government of National Unity (GNU), Mohammed Hammouda, said thursday during a press conference that the government allocated more than 977 million dinars for the General Electricity Company and permitted it to contract local or international firms to carry out its operations and maintenance plan, adding that the government has launched social media platforms to keep in constant contact with the people.