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Dbeibeh meets with the Board of Directors of the Libyan Investment Authority

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Today, Saturday, the Prime Minister and Chairman of the Board of Trustees of the Libyan Investment Corporation, Abdul Hamid Dbeibeh, held a meeting with the Authority’s board of directors and its subsidiaries to find out the difficulties and problems it faces in performing its tasks and investment plans.

The Chairman of the Board of Trustees emphasized the Authority’s efforts to review and close its final accounts during the past years, which have not been completed for more than 15 years. They were the first goals of the government in the investment file, and now they have been accomplished.
Dbeibeh also stressed the need to invest locally in the field of solar energy, oil and gas in all its fields, and to give it priority in all plans.

The Chairman of the Authority gave a visual presentation showing the investment plan of the Authority and its subsidiaries, indicating the efforts of the employees with international companies in order to close the final accounts and identify and evaluate all investments, whether real estate, financial or in the form of portfolios. He stressed that the Authority was able today to announce consolidated financial statements. He reassured the audience that the Libyans’ money was not lost and was clear in all its details, and that the institution moved from the stage of limiting and protecting these investments to achieving profits and creating successful investment opportunities.

The Chairman of the Board of Trustees of the Authority stressed the need to disclose all investments in terms of their values and programs, and to clarify all data and numbers to the Libyan people, explaining that the lack of appearance and the announcement of results and statistics leaves everyone talking about the Foundation and the loss of its money without the presence of realistic data on it.

Dbeibeh praised the concerted efforts of the Libyan state institutions to protect the Authority’s assets abroad in the face of attempts to seize and plunder, praising the efforts of the Public Prosecutor’s Office in following up cases and rulings issued regarding the Authority internationally in cooperation with the Cases Department, the Audit Bureau and the Central Bank.

Ministry of Finance: Total government spending during the first half of this year amounted to 45.2 billion dinars, and revenues amounted to 50 billion dinars

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The Ministry of Finance of the Government of National Unity revealed today, Friday, that total government spending during the first half of this year amounted to 45.2 billion dinars, while the value of state revenues during the same period was 50.7 billion dinars, i.e. a surplus of 5.5 billion dinars.

Oil revenues amounted to more than 48.3 billion dinars, while sovereign revenues amounted to 1.6 billion dinars. In addition to the remaining account balances for previous years, 711 million dinars.

Government spending also included salaries, which amounted to 27.8 billion dinars, while management, equipment and operation expenses amounted to 4.7 billion dinars, in addition to development projects and programs that amounted to 2.2 billion dinars. Spending on support included 10.4 billion dinars.

Central Bank of Libya: The total expenditures of the four councils amounted to 2.8 billion dinars within six months

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The Central Bank of Libya revealed today, Friday, that the total public spending of the state has reached during the first half of this year, from last January until June, 45 billion dinars.

In his monthly report on government revenue and spending, he indicated that the total expenditures of the Council of Ministers of the Government of National Unity, the House of Representatives, the Presidential Council and its affiliated authorities, in addition to the Supreme Council of State during the first half of this year, amounted to approximately 2.8 billion dinars.

The report also mentioned that the expenditures of the Council of Ministers amounted to 1.5 billion dinars, while the expenditures of the Presidential Council amounted to 324 million dinars, while the expenditures of the Supreme Council of the State amounted to 21 million dinars, in addition to the expenditures of the House of Representatives, which amounted to 893 million dinars.

CBL reveals a foreign exchange deficit during the first half of the year 2023, which amounted to $11.2 billion

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The Central Bank of Libya revealed in a statement today, Friday, that the foreign exchange deficit during the first half of the year 2023 amounted to $11.2 billion.

The total foreign exchange uses during the first half of this year amounted to 21.3 billion dollars, while the total foreign exchange revenues supplied to the Central Bank of Libya during the first half of this year did not exceed 10.1 billion dinars.

The Central Bank stated in its statement that, during the past five months, it had fed the accounts of commercial banks with an amount exceeding 10.5 billion dollars, of which the amount of 5 billion and 922 million dollars was for credits, the amount of 4 billion and 451 million dollars for personal purposes and the amount of 174 million dollars for remittances, while the largest value is from the uses of foreign exchange. According to the statement, it was placed under the item “obligations to public entities,” with a value of $10 billion and $720 million.

Dbeibeh is following development projects and procedures for supplying textbooks for the academic year 2023/2024

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Today, during a meeting with the ministers of planning, education, government and local government, and heads of executive agencies, Prime Minister Abdul Hamid Dbeibeh continued the implementation of development projects for the fiscal year 2022, and related technical and financial procedures.

The Minister of Planning confirmed that development projects were distributed to all regions according to projects and programs approved by the Audit Bureau, where 1.8 billion dinars were allocated for projects in the eastern region, 1.3 billion dinars for projects in the western region, 1.2 billion dinars for projects in the southern region, and an amount of 800 million dinars for the middle region, in addition to the value of 1 billion dinars for local development, which was disbursed to the Ministry of Local Government to undertake its distribution to the municipalities.

It is distributed directly, with a value of 7 billion dinars for strategic projects such as the third ring road, Ajdabiya-Jalu road, and the Ghat-Ubari road, and a value of 3 billion dinars for various electricity projects.

For his part, Dbeibeh instructed the Ministry of Planning and the executive agencies to clarify the details and data of all projects in the city and the region, the value of the project and the percentage of completion.

He instructed the Ministry of Local Government to complete the procedures for disbursing municipal allocations for the fiscal year 2022, after submitting financial and technical follow-up reports for the year 2021.

The Minister of Education presented a general position on the beginning of the next academic year and the procedures for printing and supplying textbooks, reassuring the Prime Minister of the preparations being made by the Ministry and its affiliated institutions to ensure a successful start of the academic year.

PM also instructed the Ministers of Planning and Education to work on disbursing the operating budget for schools before the start of the next academic year, provided that it is disbursed directly to schools, so that they can prepare well to receive their pupils and students, with the need to follow up on its distribution and disbursement by the follow-up offices of the education monitors in the municipalities.

The meeting was attended by the Minister of State for Cabinet Affairs, the Director of the Center for Educational Curricula and Educational Research, and a number of directors of departments at the Ministry of Planning.

The Central Bank of Libya reveals that total government spending during the first half of 2023 amounted to 45 billion dinars

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The Central Bank of Libya revealed in its statement issued today, Thursday, regarding revenues and spending, that total government spending during the first half of this year amounted to 45 billion dinars, while the value of state revenues during the same period reached 49.5 billion dinars, i.e. there is a surplus of 4.5 billion dinars.

The Central Bank stated that the total state revenues during the first half of this year amounted to 49.5 billion dinars, of which 48.4 billion came from oil revenues, which represents nearly 98% of the revenues, in addition to other sovereign revenues with a total of 1.1 billion dinars, of which 327 million came from taxes, 96 million from customs and 202 million. From the telecommunications sector, 120 million dinars from the sale of fuel in the local market, and other revenues worth 343 million dinars.

As for government spending during the same period, the Central Bank revealed that total spending amounted to 45 billion dinars, of which 27.8 billion dinars were allocated for salaries, 10.4 billion for subsidies, 4.6 billion for operating expenses, and 2.2 billion dinars for development.

Aoun: “I advise every official to stay away from closing the oil fields, which represents nothing but a total harm to the people”

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The Minister of Oil and Gas in the Government of National Unity, Mohamed Aoun, said during a statement with CNBC Middle East channel, on Wednesday, during the opening activities of the global symposium that the Organization of Petroleum Exporting Countries (OPEC) joins for the period 5-6 July 2023 in the Austrian capital Vienna, that “my advice is to all the Libyan people, whether they are from officials or from the general public, to stay away from closing the oil fields, because it will only harm the people.”

This was when the journalist asked a question to the minister saying if there are any signs on the possibility of the oil fields re-closing. Aoun replied that Libya had gone through this experience in previous years, and so far it is still suffering from its consequences. The evidence is the depreciation of the exchange rate of the Libyan Dinar as it was during the closures of 2013 or 2014 and before, due to the oil shutdown for a period of two or three years.

Aoun added that “there is another dilemma that we may face, which is the production of electricity: as power plants depend mainly on gas, and if the fields are closed, it will directly affect and lead to power outages, and he called on all spectrums of people, citizens and officials, to avoid such actions.” The reporter asked if Aoun meant that the closures can be avoided, and if there are any political will on the ground that will spare oil from being closed. Aoun replied, saying that “this must be avoided. People must be aware that they are the only ones affected, and that the damage will be inflicted on those who call for closures before others.”

Al-Manfi, Al-Kabeer and Dbeibeh stress the support of the NOC’s efforts and the adoption of a plan to increase production

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The President of the Presidential Council, Mohamed Al-Manfi at the Central Bank of Libya, followed up, during a meeting with Prime Minister Abdul Hamid Dbeibeh, the CBL governor, Seddiq Al-Kabeer and the head of the National Oil Corporation, Farhat bin Gdara, the results of the meeting of the Supreme Council for Energy Affairs and its approval of the National Oil Corporation’s plan, which aims to increase production Creating partnerships in the field of exploration with international companies and raising the efficiency of the national elements in the subsidiaries.

The attendees affirmed during the meeting their support for the efforts of the Corporation, stressing the need for intensifying efforts by all state institutions to make the plan approved for it a success, and the need for disclosure and transparency of all oil revenues collected and the contractual measures taken by them, in cooperation with the Audit Bureau and the international advisory office appointed by it to review all financial procedures. and technical institution.

The meeting was attended by the Minister of State for Cabinet Affairs, Adel Juma, and the governor’s advisor, Mustafa Al-Manea.

Minister of Oil: “The export of gas to Europe via Italy has not stopped and the increase in export quantities can be considered after five years, but not now”

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The Minister of Oil and Gas, Mohamed Aoun, said that the export of gas from Libya to Europe via Italy through the Greenstream pipeline has not stopped, and that an increase in export quantities is not possible at the current stage, but rather it can be considered in the long term after five years.

In an interview with the Emirates News Agency, WAM, he confirmed that Libya has developed a short-term strategic plan for the oil and gas sector, aimed at raising its oil production to two million barrels per day, and includes developing new discovered fields and raising the production capacity of existing fields, in addition to developing the infrastructure that was damaged due to the events. He added that the National Oil Corporation plan works to overcome the obstacles and challenges facing the sector in Libya and focuses on many axes, including structuring the oil and gas sector and its affiliates.

He also indicated that the plan also aims to increase oil production by expanding oil exploration in land and sea areas, to achieve financial revenues for the state and increase its income, in addition to focusing on using natural gas to generate electricity during the coming decades, as well as working on investing oil wealth, including Shale gas and its good exploitation and development to increase proven reserves of oil and gas.

Regarding the presence of oil and gas stocks in the Libyan economic water in the eastern Mediterranean, Aoun said that what is being presented in terms of numbers are preliminary expectations that need to drill exploratory and evaluation wells to determine the stocks, adding: “We are waiting for the companies to return to start their work.”

Aoun stated that the global oil market is subject to many influencing factors, including supply and demand, the political situation in the producing countries, the political unrest in some countries of the world, and the lack of financing and investments, expecting that the increase in demand will achieve balance in the market and push oil prices to the increase during the period between the third quarter of this year 2023 and the first quarter of next year 2024.

The Minister of Oil stated that Libya is currently working on developing two new solar energy projects, one in southern Libya in “Rabana” and the second in the east of it in the “Saada” region, west of Misrata, with a production capacity of 500 megawatts each, and it is expected that the two projects will enter into operation by the year 2025. In addition to projects under development to take advantage of flaming gas instead of burning it and emitting it into the air, as well as developing a strategy to reduce methane gas (energy, agriculture and waste), in light of the trend towards strengthening the circular carbon economy framework and carbon capture, use and storage to reduce greenhouse gases and preserve the environment. .

Al-Kabeer discusses with Dbeibeh the semi-annual government spending for the year 2023

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The Governor of the Bank of Libya, Seddiq Al-Kabeer, discussed today, Tuesday, during a meeting with the Prime Minister, Abdul Hamid Dbeibeh, the semi-annual government spending for the year 2023, in the presence of the Minister of State for Cabinet Affairs, and the governor’s advisor.

During the meeting, the attendees emphasized the necessity of continuing to disclose all government expenditures during the current year, and the need for it to include all state institutions without exception.

The attendees stressed the need to take care of citizens and provide services to them, explaining that more than 80% of the budget goes directly to citizens.

The attendees agreed to coordinate between the Ministries of Finance and Planning and the Central Bank, to present all expenditures in detail, so that all citizens know where the financial allocations go.