The Ministry of Economy and Industry in the Government of National Accord on Monday called on all officials of the flour milling companies to attend the planned meeting with the Undersecretary for Economic Affairs.
The ministry explained that the meeting, which will be held next Wednesday, at the ministry’s HQ in Tripoli, will discuss the new exchange rate and its impact on the local market and flour prices, in addition to the provision of flour in bakeries.
It is noteworthy that the local market witnessed during the past days a rise in the price of flour, as the price of a quintal of flour increased by 85 dinars, reaching 225 dinars, one day after the announcement of the unification of the exchange rate, as the price of a quintal of flour was 140 dinars until last Thursday.
Libya’s Sirte Oil Company achieved new and unprecedented crude oil production which exceeded 100,000 barrels per day (bpd) comparing with an average rate of 55,000 bpd, an increase that exceeded its production by nearly double before the oil blockade at the beginning of this year.
The National Oil Corporation (NOC) reported that his unprecedented increase, reached on Thursday (17 December) was reached in a record time. The production rate was achieved after the implementation of the approved exceptional budget programmes.
This programme includes the work over of 24 oil wells, the conversion of the artificial lift methods from gas lift to the installation of electric submersible pumps, and the implementation of the development programme for the El-Harach layer in South Zelten by drilling nine development wells in addition to executing rig-less wells interventions, including activation by acidization, hydraulic fracturing, and some other restoration activities.
Malta has agreed to start issuing Schengen visas from its Tripoli embassy as well as direct flights to Libya and European capitals.
The announcement came after a meeting was held in Tripoli on Monday between Ahmed Maetig, Presidency Council Deputy, and Clyde Caruana, Maltese Minister of Finance and Labour.
The Tripoli Libyan government reported that the meeting, held at the Prime Minister’s Office, focused on reviewing relations between the two countries and the possibility of developing cooperation in the field of investment and development, agreeing to start granting European visas to Libyan citizens at the end of next January, and working on opening an air route between Valletta and Tripoli, Benghazi, Misurata “directly to a number of European capitals.
For his part, the Minister of Interior of the Government of National Accord (GNA), Fathi Bashagha, on Monday, discussed with the Maltese Minister of Finance, Clyde Caruana, the possible security arrangements to permit the restart of scheduled air travel between the two countries in the near future.
The Information Office of the Ministry of Interior stated that during the meeting, hopes for joint cooperation between both countries were discussed, along with a number of security matters in relation to combating organized crime and money laundering, and the appropriate manner to develop skills to deal with such matters through training programs for members of the Ministry of Interior.
During a meeting held in Tripoli, member of the Libyan Presidential Council (PC), Ahmed Mitig, discussed with Malta’s Finance and Employment Minister, Clyde Caruana, areas of investment and development in addition to joint relations between the two countries
In a brief statement, the Libyan Presidential Council said that the meeting discussed relations between both countries and ways of boosting cooperation in the field of investment and development.
Both sides also considered the possibility of granting Europe visas to Libyan citizens by the end of next January.
The Tripoli Protection Force said in a statement that it found the delay of implementing the points of agreement that was signed last September in Sirte very strange, calling on the heads and members of the 5+5 Joint Military Commission to explain the reasons behind the delay.
“The military talks outcomes of the Sirte meeting weren’t being implemented, we were very glad to see the ceasefire agreement signed and the 5+5 Joint Military Commission meet and come up with 10 vital points of agreement. Yet, not a single government point has been implemented,” the Tripoli Protection Force stated, while wondering if the intentional delay was driven by an agenda.”
” The points of agreement were very clear and all Libyan parties as well as people were satisfied with them… If the most important point, which was forming a joint military force by the committee of withdrawing forces from the lines of contact, was implemented, no conflict would have taken place. The joint force would have reopened and secured roads, take away heavy weapons from the cities and deport all mercenaries. The fate of Libyans lies in the hands of the 5+5 Joint Military Commission.” The statement reads.
Libya’s Supreme Judiciary Council’s Lawsuits Department said that the South Cairo First Instance Court has canceled the judicial fees orders in the case of Hanna Habib heirs filed against the Libyan state.
The Department announced that it had succeeded in saving the public treasury a financial loss estimated at 350 million Egyptian pounds, the value of administrative seizure with some banks and other bodies in Egypt.
According to the official page of the Cases Administration, the department clarified that the Primary South Cairo Court issued its verdict in the grievance lodged by the case management on behalf of the Libyan state, the statement of which requires the acceptance of the grievance in form, and the cancellation of the fees estimation orders referred to obligating the defendant to the expenses and attorney fees.
The Department confirmed that this judgment has become final and made clear by the expiry of the deadlines set for appealing against it without appeal, in accordance with the Egyptian pleading law.
Member of the joint technical committee tasked with unifying the exchange rate, Musbah Al-Akari, said during a televised interview for WTV channel and Tabadul Platform:
“Unifying the exchange rate is the most momentous decision had been taken.”
“This procedure had been taken in order to alleviate the suffering of the people and eradicate spoilers in Libya.”
“During 2021, we shall see speculators totally collapsing… Liquidity crisis will be over.”
“In 2021, the percentage reduction in commodities will be about 35 to 45 percent.”
“The decision was aimed at fighting against corruption caused by the multiple exchange rates system.”
“What the Libyans went through in recent years was shameful and outrageous.”
“Standing in queues will not not recur in 2021, and thus we relieve people’s burden.”
“The current exchange rate may decline in the near future.”
“One of the economic distortions in Libya is the allocating about 15 billion for Subsidies.”
“If the foreign exchange is equally available, there will be no recourse to the parallel market.”
“The fiscal policy will play a role, alongside government oversight, in the fixing the exchange rate.”
“The exchange rate with the USD of $1 to 1.40 Dinar is delusional, the Libyan economy cannot afford it.”
On December 16-17, the USAID-sponsored Libya Public Financial Management project (LPFM/Bab Al-Tamkeen) is conducting two workshops on the drafting of municipal Own Source Revenue (OSR) budgets for 2021 in Sabratha and AL Beyda. OSR includes monies that municipalities can raise from fees and taxes, such as business licensing, building permits, and billboards. The revenue is meant to pay for local services that impact people’s daily lives, such as the revitalization of health care centers or installation of youth sports facilities.
The workshops promote the development of budgets in a manner consistent with realistic revenue projections that are time bound and customized with each municipality’s context. As such, they provide the momentum needed to activate the Financial Revenue Regulation approved recently by the Presidential Council, which grants municipalities the financial authority to manage their day-to-day services and expenditure plans.
The workshops will reinforce the ownership of the newly established municipal budget committees, which are receiving technical assistance for capacity building from LPFM/Bab Al Tamkeen. They also are reiterating the true partnership between USAID and the municipalities across Libya to continuously improve delivery of cost-efficient services to citizens in accordance with the decentralization framework identified in Law 59 and as demonstrated by the Financial Revenue Regulation.
LPFM/Bab Al Tamkeen is a 5-year initiative of USAID in Libya, on behalf of the American people. It provides technical assistance and capacity building at national and municipal levels to strengthen Libya’s public financial management, revitalize its electricity sector, improve the delivery of key public services, and stimulate job and private sector growth.
The Director General of the Libyan Foreign Investment Company discussed on Monday with the President of the Bosnian Chamber of Foreign Trade the activation of the joint Libyan-Bosnian Business Council.
According to the Libyan embassy in Sarajevo, both parties discussed establishing a partnership between the public and private sectors in the two countries, facilitating the citizens of both countries obtaining entry visas and work permits.
They also stressed the need for the restoration of relations and cooperation in various fields, and to overcome difficulties and obstacles in a way that achieves and serves the common interests of both parties.
The Libyan Investment Authority (LIA) in Tripoli revealed huge financial losses to its portfolio as a result of the asset freeze imposed on its funds nearly a decade ago, according to Forbes.
In a report, the LIA said that its portfolio could have been worth $4.1 billion more, had it not had to deal with UN sanctions over the past decade.
This came after a meeting was held between the sovereign wealth fund, Libya’s mission at the UN, and the UN Security Council Sanctions Committee for Libya on 15 December. The meeting was held to discuss the ongoing sanctions on Libyan assets.
According to Forbes, the LIA announced that a recent report compiled by consultancy firm Deloitte concluded there had been, “a significant negative impact on the value of the investments held by the LIA and its subsidiaries,” as a result of the sanctions.
Forbes added that the fund was first targeted by an asset freeze in February 2011, via UN Security Council resolution 1970, amid the revolution which unseated Colonel Muammar Gaddafi. The restrictions remain in place on most of the LIA assets held outside Libya.
In an emailed statement, the LIA said, “If sanctions had not been imposed and our equity assets had performed in line with the market, the total value of the portfolio would have been approximately $4.1 billion higher.”
The sovereign wealth fund has been trying for some time to convince the UN to ease the burden caused by the sanctions.
LIA chairman, Dr. Ali Mahmoud Hassan Mohamed has repeatedly said the fund is not calling for all its overseas assets to be unfrozen, but it does want to find “feasible ways to more actively manage” its portfolio to avoid losses.
Another meeting is due to take place next year between the LIA and the UN sanctions committee, where the LIA plans to present its recommendations for ways to make the management of its portfolio easier.
