Skip to main content

Author: LS

Al-Mabrouk Briefs Administrative Control Authority on International Banks’ Aid After Flooding in Libya

Written by LS on . Posted in News. No Comments on Al-Mabrouk Briefs Administrative Control Authority on International Banks’ Aid After Flooding in Libya

The Libyan Ministry of Finance, under the National Unity Government, has sent an official letter to the head of the Administrative Control Authority. In the letter, they request authorization to coordinate with financial entities responsible for providing services that can alleviate the suffering of residents in disaster-affected areas in eastern Libya, which were struck by severe floods.

The Ministry’s request includes various aspects:

  • The World Bank’s commitment to conducting a rapid assessment of flood damage and needs, allocating $500,000 for a systematic assessment of disaster effects, using satellite imagery and international best practices for assessment.
  • The evaluation of necessary requirements for sustainable recovery in affected sectors, including social development, infrastructure, and production sectors. This includes ensuring a link between humanitarian action, development, and peace.
  • The comprehensive disaster recovery framework that will cover 19 different sectors, such as housing, municipal services, education, healthcare, social protection, agriculture, irrigation, energy, digital development, water, sanitation, water resource management, cultural heritage, the overall economy, poverty, social integration, and the environment. The initial assessment will be completed within three weeks, while the comprehensive assessment will take six to seven weeks.
  • The technical assistance to design an emergency cash transfer system and manage reconstruction funds. The World Bank is working on an exception mechanism to allow it to manage funds allocated by the Libyan government for the reconstruction of flood-affected areas. This mechanism will ensure direct assistance through specialized technical teams managed by the bank.
  • The Islamic Development Bank’s allocation of $1.5 million from the 2023 Operational Work Plan budget for short-term immediate support to address the urgent humanitarian situation in Libya. UNICEF is implementing this support, which includes water and sanitation supplies, hygiene promotion, and early recovery activities.
  • The African Development Bank’s allocation of $1 million from its Relief Emergency Fund to UNICEF for immediate support in water, sanitation, health, and education for flood-affected populations.
  • The partnership to respond to emergencies by coordinating with reputable NGOs operating in Libya to meet the urgent needs of affected populations, including food and non-food items.

The government is actively seeking international support to address the disaster’s aftermath and is taking various measures to provide immediate and long-term assistance to affected regions.

Adapted from Sada Economic Newspaper

Exclusive: Al-Ghwil Urges Central Bank to Implement Special Agenda to Curb Flawed State Agency Spending

Written by LS on . Posted in News. No Comments on Exclusive: Al-Ghwil Urges Central Bank to Implement Special Agenda to Curb Flawed State Agency Spending

The head of the Competition and Monopoly Prevention Council, appointed by the House of Representatives, Salama Al-Ghwil, said in a special statement to our source, that the spending of state agencies is seriously flawed in the truest sense of the word. It is evident to us as being unbalanced and not acceptable to sound financial judgment, as it does not consider a balance in the rights among the nation’s geographic components.

Al-Ghwil added that from a developmental perspective, weaknesses appear in setting priorities, which is a result of administrative and societal instability. It stems from a lack of a minimum sense of historical and national responsibility. With this flawed approach, matters become more complex, and hope diminishes in the institutions’ ability to fulfill their administrative, national, societal, and behavioral duties towards building and developing the nation. This is a genuine alarming indicator of the executive authority’s incompetence in fulfilling its duties, confirming the uncontrolled administrative behavior and the deliberate corruption of the government towards all these aspects, which can be assessed through the transparency emphasized by the Central Bank in publishing data.

He stressed during his statement that the Central Bank is required to implement a special agenda in reducing the waste of money in this way.

Al-Ghwil concluded his statement by saying, “I believe that the facts will be shocking if the financial statements are analyzed in their true form, and the beneficiaries are discussed, their implementation mechanisms, the extent of their waste, and the subordination of the parties that supervised the implementation of those expenses, as companies, institutions, or individuals.”

Exclusive: Al-Kabeer Sends Letter to Attorney General About Central Bank’s 248 Million Dinar Debt Transfer Abroad”

Written by LS on . Posted in News. No Comments on Exclusive: Al-Kabeer Sends Letter to Attorney General About Central Bank’s 248 Million Dinar Debt Transfer Abroad”

The Governor of the Central Bank of Libya, Seddiq Al-Kabeer, has written to the Attorney General, Seddiq Al-Sour, expressing concerns about the transfer of more than 248 million dinars in previous debts accumulated abroad. These debts, along with new claims worth 87 million dinars, have not yet been addressed. This raises alarm about continuous financial strain on foreign treatment expenses and potential violations of the public debt law.

The Central Bank has previously dealt with similar situations in Turkey and Jordan, resulting in a 50% reduction of original claims after conducting audits and reviews. This has prompted suspicions of inflated expenses and flaws in spending mechanisms. Consequently, it is necessary to establish clear standards and mechanisms for determining the type of treatment and its beneficiaries abroad.

Furthermore, there has been mismanagement of deposits allocated for treatment, as they were redirected to embassies instead. This highlights concerns regarding transparency and calls for corrective measures.

It is essential for the Libyan state to address the accumulated debts and enhance the management of treatment expenses, ensuring compliance with regulations and maintaining financial stability.

Central Bank of Libya Discloses Total Spending of Libyan State’s Public Authorities

Written by LS on . Posted in News. No Comments on Central Bank of Libya Discloses Total Spending of Libyan State’s Public Authorities

The Central Bank of Libya has released its monthly statement on the spending of public authorities in the country. From the start of the year, total spending amounted to 76 billion dinars, while total revenues reached 86.4 billion dinars.

According to the report, the National Unity Government and its affiliated agencies spent over 2 billion dinars, while the Presidential Council and its affiliated agencies spent over 523 million dinars this year. The Supreme Council of State’s spending amounted to 59 million dinars, and the House of Representatives and its affiliated bodies spent 1 billion dinars.

The Central Bank’s statement also revealed that foreign exchange revenues supplied to the bank totaled $17.7 billion. However, as of September, outstanding obligations and uses of foreign exchange amounted to $27.6 billion, of which commercial banks accounted for $15.975 billion.

The report concludes by stating that the Ministry of Finance of the National Unity Government spent 18 million dinars in the first nine months of this year.

Al-Ghwil to Our Source: “Assessing the Sufficiency of the 10 Billion Dinar Budget Approved by the House of Representatives for the Reconstruction of Derna”

Written by LS on . Posted in News. No Comments on Al-Ghwil to Our Source: “Assessing the Sufficiency of the 10 Billion Dinar Budget Approved by the House of Representatives for the Reconstruction of Derna”

The head of the Competition and Antimonopoly Council, Salama Al-Ghwil, said in a special statement to our source on Monday that the budget of 10 billion dinars approved by the House of Representatives for the reconstruction of the city of Derna is a sufficient number to address the calamities that occurred in the afflicted areas, expecting that this budget will have success and transparency. And the national consensus between the centers of influence, which mostly included real legal legitimacy and included an influential force, which is the Central Bank of Libya, the Armed Forces, and the House of Representatives, and therefore technical methods will be used by the government emanating from the House of Representatives.

Al-Ghwil added that it is based on a national, understanding, and meritorious pattern, as a result of the circumstances of reality. “Success and transparency are expected for this issue, as a result of the great popular outburst, and as a result of the real effective force, which is the House of Representatives, the Libyan Arab Armed Forces, the Central Bank of Libya, and the supervision and planning of human cadres, national elites, international organizations, engineers, and supporting countries.”

Al-Ghwil explained that the budget approved by the House of Representatives is expected to be distributed on the basis of the housing sector, infrastructure, and maintenance of risk dye sites, as well as education, schools, health, and services.

10 Billion Dinars Allocated for Derna Reconstruction: Has the House of Representatives Assessed the Disaster?

Written by LS on . Posted in News. No Comments on 10 Billion Dinars Allocated for Derna Reconstruction: Has the House of Representatives Assessed the Disaster?

The economic expert said in a special statement to our source today, Sunday, that the House of Representatives has really followed up on its tasks and oversight role in the effective manner required of it in following up on the performance of the executive authority before the disaster occurred in the city of Derna and its environs, “which shocked us all, Especially since amounts amounting to billions of dinars were previously allocated and approved in the budget by governments for maintain and restore dams. It was the most important and national duty of the Council to follow up on these amounts, where they were spent, and what tangible results were achieved by the authorities, ministries and officials.”

Dadash added, “Isn’t it time for the House of Representatives to rectify itself and wake up from its deep sleep and neglect, as well as the oversight agencies that are required to prepare reports on a regular and continuous basis and closely follow up on these projects? They must also be aware of the size of this problem, its risks, its negative effects, and its bad repercussions locally and internationally.”

Dadash stressed, “The House of Representatives, on this side, with everyone, are partners in this negligence and in this corruption that has affected all state institutions, and where is the task of the oversight agencies?” adding that “the officials have been assigned the task of monitoring these dams and holding them accountable and punishing, and the issue of those in charge of assuming responsibility for following up on these projects, which they really need, which really needs regular maintenance and not be neglected or neglected, despite allocating sufficient amounts for its management.”

Dadash asked the House of Representatives: When allocating an amount of 10 billion dinars for the reconstruction of this city and its environs, did the House study, evaluate and analyze the scale of the disaster and according to real data and information from specialized, advisory and accredited offices that have well-known experiences in the field of reconstruction and dam maintenance? With integrity and transparency, in addition to which specialized foreign or local companies have a long history in this field, did he make a comparison between these entities that will undertake the reconstruction process, or was the amount allocated based on the conviction and desire of the House of Representatives?

Dadash continued by saying, “Does this number end the problem and return this beautiful city to the Libyans’ embrace as we used to embrace it after reconstruction, or is it a feeling of responsibility on his part and the magnitude of the danger that may affect him at any moment from the homeland and the citizen, at this late time to assume his responsibilities?”

Dadash concluded, during his statement to our source, that countries and nations do not fall and end with terrorist bombs and terrorist bombings, but it is easy for them to collapse and collapse due to corrupt practices and the actions of the corrupt.

Exclusive: ABC Bank Group Donates $2 Million for Flood Relief Efforts in Libya

Written by LS on . Posted in News. No Comments on Exclusive: ABC Bank Group Donates $2 Million for Flood Relief Efforts in Libya

Our private source revealed on Friday that the International Banking Group announces the provision of two million dollars to mitigate the repercussions of the tragic floods that swept eastern Libya.

The source explained that the CEO of Bank ABC Group, Sael Al-Waari, said that the bank stands in solidarity with the people of Libya in facing this humanitarian crisis in this exceptionally difficult circumstance, and hopes that their assistance will contribute to accelerating relief and rescue efforts in Libya, adding that its rapid response comes to such situations. Sudden humanitarian disasters based on their societal responsibility and duty to support disaster recovery efforts.

Biden: “U.S. Extends Emergency Aid to Libya Amidst Catastrophic Floods”

Written by LS on . Posted in News. No Comments on Biden: “U.S. Extends Emergency Aid to Libya Amidst Catastrophic Floods”

President Joe Biden announced a crucial development, stating that the United States is mobilizing emergency funds for Libya. This initiative aims to bolster relief organizations and support ongoing humanitarian efforts following the devastating floods that have ravaged the eastern part of the country, resulting in a tragic loss of life and the disappearance of thousands.

In an official statement issued by the White House yesterday, President Biden conveyed his heartfelt condolences to the families who have suffered the loss of their loved ones in Libya’s dire flood situation. He emphasized the gravity of the moment, stating, “In this difficult hour, the United States is sending emergency funds to relief organizations and is actively collaborating with Libyan authorities and the United Nations to provide additional assistance.”

President Biden also expressed solidarity with the Libyan people in mourning the untimely loss of numerous lives and extended hope to those who are still searching for their missing loved ones.

The floods, triggered by a massive storm that breached dams and caused extensive destruction, have left a devastating impact on Libya’s eastern city of Derna. As of Tuesday, it is feared that over 10,000 individuals may be missing in the wake of this calamity. Tragically, more than 1,000 bodies have already been recovered in Derna. Officials anticipate that the final death toll will be significantly higher. This natural disaster has struck a country already grappling with division and instability following more than a decade of conflict.

Several foreign governments, including Egypt, Tunisia, Algeria, Turkey, and the United Arab Emirates, have pledged their support to Libya. They have committed to sending humanitarian assistance and search-and-rescue teams to aid in the ongoing efforts to locate and assist survivors.

Egyptian President Abdel Fattah Al-Sisi has taken swift action, convening a meeting with his military commanders to coordinate urgent assistance for Libya. He announced that the Egyptian military would deploy both equipment and personnel, working in conjunction with eastern Libyan forces to provide essential aid to the affected communities. President el-Sisi’s televised comments underscore the regional solidarity and collective response to this humanitarian crisis.

CBL: 60 Million Dinars in Cash Flow to Eastern Libyan Commercial Banks

Written by LS on . Posted in News. No Comments on CBL: 60 Million Dinars in Cash Flow to Eastern Libyan Commercial Banks

According to an exclusive statement from our source at the Central Bank of Libya, it was revealed that the Central Bank’s liquidity team has sent two shipments of cash, each amounting to approximately 60 million Libyan dinars, specifically meant for commercial bank branches in cities located in eastern Libya. This development holds significant implications for the economic landscape in the region and demands a closer examination of its potential impact.

According to the source, the initial shipment of cash has just arrived at Republic Bank in Benghazi, while the second consignment has recently taken off from Mitiga Airport, carrying an extra 60 million Libyan dinars.

The liquidity team at the Central Bank is dedicated to ensuring the consistent provision of cash liquidity to all bank branches.

Al-Kabeer’s Decision: Formation of Central Bank and Banking Sector Response and Emergency Team

Written by LS on . Posted in News. No Comments on Al-Kabeer’s Decision: Formation of Central Bank and Banking Sector Response and Emergency Team

Today, Tuesday, the Governor of the Central Bank of Libya, Seddiq Al-Kabeer, held the second emergency meeting of the Supreme Committee for Managing the Crisis resulting from the storm that struck Libya’s cities in the eastern region, in the presence of Marai Al-Barasi, the Deputy Governor (via Zoom) and a number of officials and advisors at the Central Bank.

The repercussions of the crisis and the role of the Central Bank and the banking sector in contributing to reduce the suffering of citizens affected by the storm disaster were discussed. The attendees reviewed the measures that must be taken in both the immediate and short term and the medium term to address the effects of this crisis that has struck our country and harmed the lives, homes and property of citizens.

For his part, the Governor issued his decision to form a response and emergency team from the Central Bank and the banking sector, headed by the Deputy Governor and the membership of a number of department directors at the Central Bank and some heads of the boards of directors of banks, and that the team be in permanent and continuous session.