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AMF extends $1.3bn in financial aid to Arab countries

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Dr. Abdulrahman bin Abdullah Al Hamidi, director-general and chairman of the board of directors of the Arab Monetary Fund, highlighted the fund’s keenness to respond to the needs of Arab countries during the coronavirus pandemic, by providing financial resources to member countries in the form of new loans or withdrawals on existing loans.

These financial measures, which will tackle the economic and financial consequences of the pandemic, were valued at $1.3 billion in the first half of 2020, he added.

In his opening speech at the 44th edition of the council of governors of the Arab central banks and monetary authorities, which was held remotely this year, Dr. Al Hamidi said: “The global economy is facing the worst economic crisis after the Great Depression caused by a variety of factors, most notably the implications of the coronavirus pandemic, growing trade tensions between major economies and rising debt levels, which have affected both advanced and developing economies and are reflected in forecasts related to global economic growth that predict a recession in 2020, with a global economic decline of 0.5 percent, or 0.8 percent for advanced economies and 0.3 percent for emerging and developing economies.”

The online meeting was attended by governors of central banks and Arab monetary foundations, as well as senior officials from the European Central Bank, Bank for International Settlements, International Monetary Fund, World Bank, Bank of France, and the Financial Action Task Force.

It was also attended by representatives of the Arab League, the Gulf Cooperation Council, the Union of Arab Banks, the Union of Arab Securities Authorities, and the FATF in the Middle East and North Africa as observers, in addition to Arab executive directors from the IMF and WB.

Al Hamidi noted that AMF statistics highlight an overall economic decline in Arab countries of 0.4 percent in 2020, compared to a growth of 1.6 percent in 2019, resulting from the pandemic.

Al-Kabir Participates in Arab Central Banks Council Meeting

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The Governor of Central Bank of Libya, Al-Sadik Al-Kabir, has participated in the virtual meeting of the 44th regular session of Council of Arab Central Banks and Monetary Authorities’ Governors. 

The meeting was organized by the Arab Monetary Fund (AMF). 

The council discussed the economic, financial and monetary implications of Covid-19 pandemic, and options related to policies and tools for the post-crisis period. The council learned about the applications of modern financial technologies and the future of banking services and products.

The council also reviewed the development of the member states’ efforts in combating money laundering and terrorist financing, the importance of enhancing financial inclusion and the impact of climate change implications on the financial system and stability.

Libya marks 89th anniversary of Sheikh Omar Al-Mukhtar execution

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The Libyan Presidential Council declared Wednesday, September 16 a national holiday in Libya.

Wednesday wil mark the 89th anniversary of the martyrdom of Omar Al-Mukhtar who is considered as a symbol of resistance for his heroic steadfastness in resisting the Italian invasion. Several Libyan cities celebrate the anniversary every year on 16 September, which is declared as a national holiday.

Presidential Council also declared Thursday, September 17 a day off.

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“The Audit Bureau’s report elevates to the level of criminal offences”

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During “Flusna”, a television program broadcasted on WTV channel and Tabadul Platform, the Libyan  economist Al-Badri Shreha said that the Audit Bureau’s report for the year 2018 elevates to the level of criminal offences in the Economic Offences Act.

” A similar report would have triggered resignations and trials in another country, as well as scandals.” Shreha said. He was also surprised by the accuracy of the report.

It will be reminded that the report recommended that Al-Kabeer be referred to the Attorney General’s office for conducting actions that cause the government to fail, harm the economy and funds, exploit the job for private gain or for others, obstruct the Audit Bureau, conduct mediation and favoritism actions, and participate in the crimes of smuggling money abroad with the companies Qimma Al-Mawsama and Sunbulah Al-Hira.

The report stated that only 2,487 transactions worth 1.8 billion dollars were executed out of 6221 transactions worth 4.8 billion dollars, or 37 percent, of the transactions submitted by the committee. By comparing the number with what was stated in the Central Bank statement published on January 4, 2017, in which it was stated that it carried out coverage for commercial banks at a value of $ 5 billion and that there are 2159 transactions worth $ 1.6 billion related to the Budget Committee under implementation, indicating that the appropriations covered during the whole of 2017 do not exceed 328 transactions worth $ 200 million.

Jumhouria Bank branches in Tripoli receive financial liquidity

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The Tripoli-based Cantral Bank (CBL) stated that the branches of Jumhouria Bank, in Tripoli, have received financial liquidity. For instance, they received financial liquidity at a value of LD 55 million dinars.

According to the CBL’s statement, LD 4 million have been allocated to the Jumhouria Bank Al Maydan Branch, while LD 4 million have been distributed to Jumhoruia Bank As-Sarim Branch.

Another LD 250 thousand have been allocated to Wikalat Al-Shahinat branch. The Zinata Branch has been provided with LD 250 thousand as well.

Oil slips as demand concerns rise, Libya output looms

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Oil prices slipped slightly on Monday amid concerns about a stalled global economic recovery and worries over renewed Libyan supply, but were supported by an impending storm which has disrupted U.S. oil production.

Brent crude LCOc1 was down 11 cents, or 0.2%, at $39.72 a barrel while U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 12 cents, or 0.3%, at $37.21 a barrel by 1105 GMT.

In Libya, Khalifa Haftar committed to ending a months-long blockade of oil facilities, a move that would add more supplies to the market, although it was unclear if oil fields and ports would begin operations.

“The announcement that the blockade of Libyan oil export terminals may be about to end will add to the woes of OPEC+’s meeting this week,” said Jeffrey Halley, senior market analyst at OANDA.

The U.S. Government provides US$ 2 m in response to the COVID-19 pandemic in Libya

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 The Government of the United States of America, through the Bureau of Humanitarian Assistance has approved additional funding of US$ 2 million toward UNICEF’s multi-sectoral preparedness and response to the COVID-19 pandemic in Libya, which aims to contribute to the reduction of human-to-human transmission and to mitigating the impact of the pandemic on children, adolescents and youth, and their parents.

The assistance received will specifically support the strengthening of risk communication and community engagement in affected and vulnerable geographical areas, facilitate access to community-based child protection services, including specialized recovery services, provide a socio-economic response through multi-purpose cash transfers, and contribute to a monitoring mechanism tracking socioeconomic indicators of children and families in Libya.

Libyan Economist compares Libya to a gas station in the Mediterranean

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During “Flusna”, a television program broadcasted on WTV channel and Tabadul Platform, the economist Hafed Al-Ghwell said the Libyan economy is not really an economy, comparing Libya to a gas station in the Mediterranean where oil is sold for dollars.

As far as referring the governor of the Central Bank of Libya (CBL), Siddiq Al-Kabir, to the Attorney General’s office, Al-Ghwell said there are many challenges facing Al-Kabir. He also called on the CBL’s governor to simplify the concept and prerogatives of the banking system in Libya.

The economist pointed out that all the Libyan institutions suffer from the division within their board of directors, suggesting that an explanation from Al-Kabir, before the House of Representatives, about the real obstacles facing them would be the best sollution.

NOC: Libya’s losses from oil blockade stand at nearly $9.9 bn

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The National Oil Corporation (NOC) said that the losses of oil fields and ports closure for 241 days have reached 9,800,014,829 billion dollars.

The level of production exceeded 1.2 million barrels per day before the closure.

It has declined dramatically since January 18, 2020, when the National Oil Corporation declared a state of force majeure after stopping oil exports from major ports.

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Italy requests the release of the arrested Italian sailors in Libya

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Members of the European Parliament from the Italian League Party and members of the Italian Fishing Commission have called for the release of the Italian fishermen who were arrested by the Libyan authorities.

Four members from the Italian League Party requested the European Commission, which is investing large sums in Libya, to intervene and take urgent measures against the Libyan authorities in order to quickly resolve the issue and put an end to it.