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Exclusive: Economic Development Council Hosts Libyan Policy Workshop on Entrepreneurship and Innovation

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Yesterday, Sunday, the Economic and Social Development Council hosted a workshop on the Libyan policy for entrepreneurship and innovation, as it aims to integrate the actors in entrepreneurship, in the presence of the Minister of Labor and Rehabilitation, Ali Al-Abed, the Minister of Local Government, Badr Al-Din al-Toumi in the Government of National Unity, the Counselor of Cooperation of French Embassy, the Chairman of the Board of Directors of the General Authority for Information, and Director of International Cooperation in the European Union.

During the workshop, Al-Toumi told our source about the importance of the file of entrepreneurship and innovation in Libya, explaining that work has been done on this file since 2005, but it was not properly organized, due to the lack of a unified policy for the overlapping of specializations between state institutions, stressing the existence of this policy will greatly contribute to creating harmony between all sectors and achieving the goals sought by the government.

The Director General of the Economic and Social Development Council, Mahmoud Al-Futaisi, spoke in a special statement to our source about the importance of the Libyan Entrepreneurship Policy Workshop, and the results of the work of a team from the Council ten months ago, which resulted in a regulation organizing this activity, stressing that Libya had no law or legislation with regard to entrepreneurship, explaining that with this regulation, if it is actually approved by the government, it will be a good sign to support the private sector.

The Business and Innovation Policies Adviser, Mohamed Al-Aswad, explained in an exclusive statement to our source, the importance of the workshop for entrepreneurship policy in Libya, from international data indicators and reports with low numbers that need development, stressing that a policy proposal for innovation that needs approval from the government has been prepared, preparing a list of startups for its importance in economic diversification and empowering innovators.

Exclusive: Central Bank Insider Reveals Libya’s Q1 2023 Foreign Trade Statistics Report

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The Research and Statistics Department of the Central Bank of Libya issued the report of “Foreign Trade Statistics of Libya for the first quarter of 2023.” It contained various data related to Libya’s foreign trade with the world, in addition to detailed appendices to Libyan foreign trade with all countries of the world (European Union countries, Arab countries, Asian countries, African countries, North and Central America countries).

Libyan total merchandise trade during the first quarter of 2023 amounted to $13.0 billion, compared to $14.5 billion during the same period in 2022, recording a decrease of 10.6%, due to the decrease in the value of total merchandise exports to $7.8 billion during the first quarter of 2023 compared to $9.8 billion during the same period in 2022, a decrease of about 20.2%.

Total merchandise imports increased during the first quarter of 2023, to record $5.1 billion, compared to about $4.7 billion during the same period in 2022.

The Libyan economy still relies heavily on a depleted natural resource, which is oil as a primary source of income, which in turn is affected by the conditions of the global oil markets, where oil exports constitute more than 94.0% of the total exports, which may expose the national economy to strong shocks as a result of the large and sudden changes in the international oil markets. .

The data related to the geographical distribution of Libyan exports, presented in the table below, showed the high relative importance of Libyan exports to the European Union countries, as they amounted during the first quarter of 2023 to about 74.0% of the total exports. Euro), to the characteristics of the economies of these countries as industrial countries that depend to a large extent on crude oil. Libyan exports to Asian countries came in second place, reaching during the period about 19.8% of the total Libyan exports, while exports to North, Central and South America recorded a noticeable decline. It reached 3.1% of total exports, while the share of the rest of the world reached about 3.2% of total exports.

Italy is the most important importer from Libya, as the proportions of what was exported to it alone reached 23% during the first quarter of 2023 of the total value of Libyan exports, as what was exported to it during the first quarter of the year 2023 amounted to about 1.8 billion dollars, compared to 2.4 billion dollars during the same period in 2022. The countries of Germany, Spain, China, Greece, and the Netherlands have come in terms of relative importance. As what was issued to them, respectively, amounted to 889.1 million dollars, 734.8 million dollars, 733.4 million dollars, 633.5 million dollars, and 551.5 million dollars.

Mineral fuel and related materials exports accounted for the largest share of total exports during the first quarter of 2023, constituting about 93.9% of total exports.

With regard to merchandise trade trends during the first quarter of 2023, the data did not show any change in the shares of trading partners, as exports to the European Union group accounted for about 74.0% of total Libyan exports, thus achieving the largest percentage among trading partners.

The high relative importance of Libyan exports to the countries of the European Union (the eurozone), due to the dependence of the eurozone countries on crude oil as industrialized countries.

Asian countries received about 20% of total exports during the first quarter of 2023.

Libyan exports to North, Central and South America recorded a decline during the first quarter of 2023, reaching 3.1% of total exports.

Italy is the most important importer from Libya, as the percentage of what was exported to it alone amounted to about 23% of the total value of Libyan exports during the first quarter of 2023.

In meeting the needs of all sectors and individuals for consumer and capital goods, such as machinery, equipment, raw materials, and intermediate goods needed for the production process, the local market still depends on foreign markets.

The countries of the European Union are considered the main source of imports for Libya, as their relative importance during the first quarter of 2023 reached about 39.2%.

Turkey, Greece, China and Italy top the list of the most important importing countries during the first quarter of 2023.

Turkey ranks first during the first quarter of 2023. As the most important country from which Libya imports, imports from Turkey alone represent about 13.8% of the total Libyan imports.

Dbeibeh Directs Ministry of Social Affairs to Release Grants for Sons, Wife, and Daughters

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The head of the National Unity Government, Abdul Hamid Dbeibeh, instructed the Ministry of Social Affairs to disburse the grant for sons, wives, and daughters over the age of 18 for the third quarter of 2023, in coordination with the Ministry of Finance in particular.

The Minister of Social Affairs, Wafa Al-Kilani, stated during the past few days that the ministry will begin its work in disbursing the grant for the three months of July, August and September of this year.

Al-Kilani Officially Approves Third Quarter Grant Disbursement for Wife and Children

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The Minister of Social Affairs in the Government of National Unity, Wafaa Al-Kilani, confirmed that the grant for the wife and children will be disbursed for the months of July, August and September during the next few period.

Al-Kilani explained that the grant for the wife and children will continue to be disbursed for the third quarter of the current year, in cooperation with the Civil Status Authority and the General Authority for Information, according to a tripartite agreement concluded in the past, and reassures citizens that the grant is always on time, and that the fourth quarter will be disbursed as is customary last year.

Dbeibeh and Shakshak Oversee Commencement of Road Maintenance and Development Under Ministry of Transportation Supervision

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The Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh, and the President of the Audit Bureau, Khaled Shakshak, followed up, in a meeting today, Thursday, the start of maintenance and development works for a number of roads that are supervised by the Ministry of Transportation, in the presence of a number of ministers and directors of departments in the Audit Bureau and the Transportation Authority.

According to the media office of the prime minister, the meeting dealt with following up on the implementation of a number of roads, including the coastal road Tobruk-Imsaad with a length of 150 km, the coastal road Tripoli-Ras Jadir with a length of 80 km, and the single with a length of 90 km, and the maintenance and development of the coastal road Tawergha-Tripoli, with a length of 160 km, and the Ajdabiya-Brega road, with a length of 80 km.

In his speech during the meeting, Dbeibeh stressed the need to stand on the launch of work on the project, focus on quality in implementation, take into account the nature of these roads, and facilitate the movement of citizens through the presence of a parallel road. For his part, Shakshak emphasized the importance of these projects, praising the precautionary measures taken by the Public Works Company in the maintenance and development of the Al Khums – Masalata road.

Al-Kabeer inaugurates a workshop to enhance combat skills of Money laundering and Terrorist Financing in Libyan banks

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The Governor of the Central Bank of Libya, Seddiq Al-Kabeer, and the Chairman of the National Committee for Combating Money Laundering and Terrorist Financing, inaugurated today, Wednesday, a workshop to enhance Money laundering and Terrorist Financing skills in Libyan banks, organized by the Libyan Financial Information Unit in coordination with USAID.

The workshop aims to enhance the skills of compliance units in assessing the risks of money laundering and terrorist financing and to increase their capabilities in identifying suspicious financial activities in accordance with international best practices.

The opening was attended by the compliance managers and their deputies of the Libyan commercial banks.

Exclusive: A source in the Central Bank reveals the report on the consumer price index and inflation, the second quarter of 2023

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Our source at the Central Bank of Libya revealed today, Wednesday, the report of the consumer price index and inflation for the second quarter of 2023, issued by the Central Research and Statistics Department.

The data issued by the Statistics and Census Authority and the Ministry of Planning indicated that the general index of consumer prices increased during the second quarter of 2023, to record 295.1. points, an increase of 6.9 points on an annual basis, compared to 288.2 points during the same quarter of the previous year 2022, with an inflation rate of 2.4%.

The report indicated that the inflation rate recorded during the second quarter of 2023, on an annual basis, an increase in most commodity groups, including an increase in food prices by 3.5%, and an increase in the prices of the clothing and shoes group by 2.6%, and other goods and services witnessed an increase by 2.6%, In addition to the increase in the prices of the transportation group by 2.5%, the health group by 2.2%, and the furniture group, its prices increased by 1.7%, and the prices of the housing, water, electricity, gas, and other fuels group increased by 1.4%.

Dbeibeh and a number of officials discuss the electricity file

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Today, Tuesday, Prime Minister Abdul Hamid Dbeibeh held a meeting with the head of the Audit Bureau, Khaled Shakshak, the ministers of planning, the state for prime minister’s affairs, the state for communication and political affairs, the director of the Sovereign Sector Oversight Department at the State Audit Bureau, and the directors of the General Electricity Company’s departments.

During his meeting at the company’s headquarters, Dbeibeh stressed that what the government has accomplished in the electricity file is not sufficient, stressing the government’s keenness to provide more in order to ensure the stability of the network and accommodate the increasing expansion in the consumption of electric energy.

For his part, Chairman of the Board of Directors of the General Electricity Company, Mohamed Al-Mashai, presented a presentation of the company’s efforts to confront the summer peak, praising the Prime Minister’s efforts and his daily follow-up to the company’s plan to implement 22 major overhauls that added 1,550 megawatts to the network, and his approval of a project to supply and install modern meters according to Organized periods of time, which contributed to reducing consumption by about 204 megawatts during the summer peak.

In turn, the head of the Audit Bureau, Khaled Shakshak, praised the efforts made by the public company in order to raise the quality of the performance of the electrical network, stressing the support of the Audit Bureau for all programs and projects submitted by the company according to the approved plan.

Exclusive: The National Program for Small and Medium Enterprises launches “Esnad” platform project

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Today, Tuesday, the National Program for Small and Medium Enterprises of the Ministry of Economy and Trade of the Government of National Unity launched a workshop on the project to launch a platform to support and assign projects in Libya, in the presence of the government spokesman, Mohamed Hamouda, and the head of the Economic and Social Development Council, Mahmoud Al-Futaisi, and the two undersecretaries of the ministry, Nouri Al-Qatati and Saad Hanish.

The government spokesman, Hammouda, told our source, that the project to launch the platform for supporting and supporting small and medium enterprises is a continuation of two things. It is not announced that such a project will contribute to coordination and unification of efforts between all parties.

The Director of the Small and Medium Enterprises Support Unit at the Central Bank of Libya, Jamal Ajaj, explained in an exclusive statement about the importance of launching the platform for supporting and assigning small and medium enterprises, that it provides the right direction for requesting financing for any party, as well as announcing to the banking sector, ministries, interested parties and businessmen the establishment of the Small and Medium Enterprises Unit at the CBL.

The Director General of the National Program for Small and Medium Enterprises, Abdul Nasser Bouzquiah, spoke about the project of launching the project support and outsourcing platform, which aims to unify the efforts of all relevant parties, whether banks or agencies supporting medium and small projects, in order to work with each other to facilitate services for project owners. .

The director of the incubator department at the National Program for Small and Medium Enterprises, Ramadan Abu Muswaq, said in a statement about the platform for supporting and assigning projects, that “it aims to bring together all relevant state institutions that are interested in entrepreneurship and innovation in emerging and existing projects, whether support, development or export operations, explaining that all state institutions we have collected to organize this platform so that entrepreneurs can receive all services from financing, export and industrial zones, to facilitate the platform with all the information they need.”

Supreme Finance Committee Approves Standardization of Revenue and Public Spending Data Disclosure across State Institutions

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The Supreme Finance Committee held its third regular meeting in Benghazi, headed by the President of the Presidential Council, Mohamed Al-Manfi, the head of the committee, and in the presence of its members.

The Supreme Finance Committee, during its third meeting, approved the internal regulations to organize its work, in implementation of the decision of the Presidential Council.

The committee also reviewed public revenue and expenditure data, according to reports presented by the Ministries of Finance and the Central Bank of Libya.

The third meeting also discussed the work of the technical committees in charge of following up the sections of the budget and related technical observations, and issuing the necessary recommendations in this regard.

In conclusion, the members of the committee, its chairman, and his deputy agreed to set and unify standards for disclosure of revenue and public expenditure data, among all Libyan state institutions, and to ensure comprehensive and unified disclosure.