The Central Bank of Libya (CBL) said Monday that its governor, Al-Seddik Al-Kabir, have participated in the Fifth Annual Arab Fiscal Forum which is organised by the Arab Monetary Fund (AMF) in cooperation with the International Monetary Fund (IMF).
Held under the banner ‘COVID-19 Pandemic and Lifeline Support in Arab Countries’, the forum sought to discuss the challenges facing economic policymakers in the Middle East in light of the COVID-19 pandemic, and devise ways to mitigate the pandemic’s repercussions.
The forum discussed various fiscal policy issues and prospects for economic and financial development, as well as the requirements needed to enhance social protection and support low-income families, and ways to support economic growth to enhance financial stability.
The Libyan Interior Ministry said it had instructed all security apparatuses to secure the National Oil Corporation (NOC) after its headquarters was subjected to an attack by an armed group.
The Interior Ministry said in a statement that the security apparatuses in the capital had tackled the attack of the armed group on the NOC as they were authorized to use force of needed and to make arrests of all the perpetrators.
On Monday, Libya’s state National Oil Corporation (NOC) confirmed that there was an attempt by armed militias to storm its Tripoli headquarters.
According to the NOC, some armed outlaw gangs attempted to forcefully enter the headquarters of the National Oil Corporation and the Petroleum Facilities Guard, charged with protecting the Corporation’s building, was surprised by the arrival of armed vehicles in the opposite direction to traffic, making some chaotic movements, withdrew weapons and tried to break into the outer fence to the institution building’.
The UN Support Mission in Libya (UNSMIL) has kicked off the second round of the Libyan Political Dialogue Forum (LPDF) virtually, saying the round is attended by the Acting UN Envoy Stephanie Williams as well as all 75 LPDF participants.
Participants are seeking — during the online meeting — to agree on the election of the executive authority, UNSMIL said in a statement.
Participants at the forum had agreed on the scope, duties and powers of the Presidential Council, which will be composed of three members, each of whom will represent Libya’s three regions and that decisions taken by the council must be approved unanimously.
Likewise, an agreement was reached on the powers and duties of the government that will undertake the executive power.
An armed group attempted to storm Libya’s National Oil Corp (NOC) headquarters in Tripoli but was stopped by guards, the company said on Monday, underscoring the security risks that the North African nation’s energy industry continues to face.
The group blocked the road in front of the building with vehicles, according to a video circulating on social media. Three sources confirmed the video as genuine.
A man speaking on the video, apparently a member of the armed group, can be heard calling for the resignation of NOC Chairman Mustafa Sanallah.
NOC said in a statement the Petroleum Facilities Guards (PFG) had stopped the armed group entering the building and that nobody was hurt in the incident. It said the assault followed threats made against a senior NOC official.
A Libyan oil source said the group had positioned itself outside the high fence of the headquarters but was not stopping people from entering or leaving the building.
Libya’s state National Oil Corporation (NOC) today strongly refuted the claim by the Tripoli-based Central Bank of Libya that the NOC’s oil revenue data is inaccurate.
The National Oil Corporation (NOC) has viewed the statement of the Central Bank of Libya issued on 19/11/2020 in which the Central Bank referred to the inaccuracy of the National Oil Corporation’s data as the statement claimed, although all the previous monthly statements of the Central Bank clearly confirmed the completion of figures reconciliation processes with the National Oil Corporation which refutes the malicious claim of the Central Bank.
The National Oil Corporation strongly denounced the “fallacies and misleading information” mentioned in the statement of the Central Bank of Libya issued on 19 November 2020 regarding the revenues and the expenditure from 01/01/2020 to 31/10/2020 as the actual oil revenues during the period from 01/01/2020 until 31/10/2020 which were deposited in the Central Bank of Libya amounted to (3.7) billion US dollars which is equivalent to (5.2) billion Libyan Dinars according to the official exchange rate and not as mentioned in the Central Bank statement.
The NOC said that the holding of the oil revenues in its Libyan Foreign Bank accounts is a ‘‘temporary’’ procedure until a comprehensive political settlement is reached of which the most important outcomes shall be the fair use of the revenues among all Libyan cities and towns.
It also reaffirmed that, for its part, it has adopted full transparency and disclosure of the revenues to all the Libyan people on its website since January 2018 and called upon all the Libyan institutions in Libya particularly the Central Bank to do the same.
The NOC accused the CBL of ‘‘intransigence’’ in its ‘‘non-compliance with transparency and disclosure of the State’s expenditure have created a suitable atmosphere for the oil blockades and the Central Bank’s ambiguous policies were used as pretexts for the blockaders’’.
“In the light of the foregoing, we would like to reassure the whole Libyan people of the accuracy of the payment and collection systems and we confirm that the entire revenues of the State of Libya as well as the rights of the foreign partners are accurately documented and held in the National Oil Corporation Account at the Libyan Foreign Bank and the revenues will not be transferred to the account of Central Bank until the Bank has a clear transparency in front of the Libyan people regarding the mechanism of spending the oil revenues during the last years and the entities that benefited from such revenues in the foreign currency which exceeded the total of (186) billion US dollars during the last nine years. ” the NOC stated.
France, Germany, Italy and the United Kingdom welcomed the results of the first round of the Libyan Political Dialogue Forum which took place in Tunis and the conclusions of the Berlin Conference on Libya.
In a joint statement, they said that they are ready to take measures against those who obstruct the Libyan Political Dialogue Forum and other tracks of the Berlin process, as well as those who continue to plunder state funds or commit human rights abuses and violations throughout the country.
They also welcomed the widespread resumption of oil production and Libyan discussions on reforming security provision at oil installations, while urging Libyan parties, with the support of UNSMIL, to agree a mechanism for the fair and transparent use of oil revenues, for the benefit of the Libyan people.
A Tunisian civil aviation delegation visited Benina International Airport.
The visit came to to organize procedures for the resumption of flights between Benghazi and Tunis.
The delegation undertook a field tour of the airport to check the safety and security measures in place, as well as their compliance with internationally approved standards.
The acting United Nations Libya envoy pressed the U.N. Security Council on Thursday to blacklist anyone who obstructs peace efforts after the warring parties agreed a ceasefire and Libyan participants in political talks set a date for elections.
The 15-member Security Council is able to impose an asset freeze or travel ban on individuals or entities.
“This council has tools at its disposal including to prevent obstructionists from jeopardizing this rare opportunity to restore peace in Libya. I call on you to use them,” acting U.N. Libya envoy Stephanie Williams told the council.
“The council is ready to support the Libyan Political Dialogue Forum will all the tools at its disposal, including sanctions against any spoilers,” said a Security Council diplomat, speaking on condition of anonymity.
Williams said that despite some progress in implementing the announced ceasefire, neither side had yet withdrawn from the frontlines as agreed and cargo flights were still arriving at air bases controlled by both.
On Thursday, the dollar exchange rate suddenly dropped in the Libyan black market reaching LD 6.47, while the euro decreased to LD 7.68, a currency trader told Sada Economic Newspaper.
