Skip to main content

Author: LS

The Mistery of Libya’s Looted Money, And The Economic Manipulation Of International And Military Interests In The Country

Written by LS on . Posted in News. No Comments on The Mistery of Libya’s Looted Money, And The Economic Manipulation Of International And Military Interests In The Country

 Since 2016, Moscow has reportedly printed over $9 billion in Libyan money (dinars) for Haftar and transported it through the EU state of Malta. 

HROMADSKE reported that last month, the Maltese government seized $1.1 billion in “counterfeit Libyan currency” printed by Russian state company Goznak, which manufactures banknotes. 

In response, the US Department of State issued a statement, praising the authorities and denouncing the currency as “counterfeit” and “ordered by an illegitimate parallel entity.” It stated that the Central Bank of Libya in Tripoli is Libya’s only legitimate central bank. 

Russia rejected the US statement, saying Libya has two central banks – one in Tripoli and one Haftar-controlled in eastern Libya.

The Libyan Central Bank gets the country’s banknotes also printed abroad and shipped through Malta. Apart from occasional crackdowns, a tiny EU island-state allows the transit of both official and Russian-made Libyan dinars. Why? Corruption and the migration crisis. According to the Central Bank of Malta, the local illegal economy — mainly smuggling — produces 21% of GDP.

 In 2011, just before Gaddafi was ousted, British authorities seized equivalent to 1.86 billion pounds of dinars, printed as part of a contract with the leader. This was done by British company De La Rue, the largest banknote producer in the world and Goznak’s biggest competition. After that, Libya’s Central Bank manager switched to the rebel side, the country ran out of cash and the people overthrew the dictator. 

Boumtari discusses investment promotion in Libya

Written by LS on . Posted in News. No Comments on Boumtari discusses investment promotion in Libya

The Minister of Finance in the Government of National Accord (GNA), Faraj Boumtari, held a meeting with the Turkish Finance Minister Barat al-Bairaq to discuss Key investment promotion’s mechanisms.

The meeting dealt with strengthening cooperation between the two countries, the revival of Turkish companies in Libya, and the completion of projects that have been suspended since 2011.

CBL: Tax Imposed on Sales of Foreign Currency exceeded LD 8 Bn

Written by LS on . Posted in News. No Comments on CBL: Tax Imposed on Sales of Foreign Currency exceeded LD 8 Bn

 In the CBL’s latest economic bulletin up to 31 May 2020, the Tripoli-based Central Bank of Libya (CBL) said that the total realized revenues from tax imposed on sales of foreign currency has reached 8.328 billion dinars, of which 875 million has been allocated to finance chapter three expenditure of the financial arrangements during the first five months of 2020, and 7.453 billion dinars were used to cover the state’s public debt.


The Libyan Red Crescent distributes aid to the displaced families in Bani Walid

Written by LS on . Posted in News. No Comments on The Libyan Red Crescent distributes aid to the displaced families in Bani Walid

The Libyan Red Crescent office in Bani Walid city has distributed aid to the displaced families in the city.

A member of the Red Crescent, Hatem al-Twaijer, said that the aid included food baskets, furniture, blankets and hygiene kits.

He said that the displaced families are from Qasr Bin Ghashir, Souk Al-Khamis, Tarhuna and the surrounding areas of Tripoli.

Schenker: “Using Libya’s critical infrastructure as a tool of war must end”

Written by LS on . Posted in News. No Comments on Schenker: “Using Libya’s critical infrastructure as a tool of war must end”

At a U.S Department of State Special Briefing on Libya held in Washington DC yesterday, David Schenker, Assistant Secretary for Near Eastern Affairs, said that putting Libya on the path to economic recovery means preserving Libyan oil facilities and restoring access by the National Oil Corporation. Using critical infrastructure that belongs to the Libyan people as a tool of war, whether for oil that feeds the economy or water upon which Libyans depend on for survival, is reprehensible and it must end.

“We’re encouraged that both the GNA and the LNA are now engaged in UNSMIL-hosted 5+5 talks, but showing up is not enough. We want to see all Libyans coming together to take charge of their country. It is vital that all sides exercise restraint and ensure civilians are protected as the Libyan public faces multiple challenges from conflict, COVID, and economic hardships,” said Schenker.

Schenker also stressed that those challenges have been intensified by the five-month oil sector shutdown by forces aligned with the LNA. Putting Libya on the path to economic recovery, as the Secretary said, means preserving Libyan oil facilities and restoring access by the National Oil Corporation. Using critical infrastructure that belongs to the Libyan people as a tool of war, whether for oil that feeds the economy or water upon which Libyans depend on for survival, is reprehensible and it must end.

Greek Frigate Shadows Turkish Ship Suspected of Carrying Weapons to Libya

Written by LS on . Posted in News. No Comments on Greek Frigate Shadows Turkish Ship Suspected of Carrying Weapons to Libya

Greek Reporter news agency reported that a frigate from the Greek Navy which is taking part in the EU naval mission off the coast of Africa is currently shadowing a Turkish vessel suspected of carrying weapons to Libya, violating the UN-imposed arms embargo to the civil war- torn country.

According to Greek defense sources, the HS Spetsai, which is participating in “Operation Irini” together with other European Union vessels, sent out a signal to the Turkish vessel, which is accompanied by two Turkish frigates.

The vessel did not respond and a Greek Navy helicopter flew over to ask permission to inspect the cargo. The request was denied by the Turkish frigates sailing nearby.

U.S. looking into reports of Haftar’s oil dealings with Venezuela

Written by LS on . Posted in News. No Comments on U.S. looking into reports of Haftar’s oil dealings with Venezuela

The United States is investigating and trying to get to the bottom of reports that Libya’s eastern-based commander Khalifa Haftar’s plane was in the Venezuelan capital Caracas last week, a senior U.S. official said on Thursday, as part of an attempt to secure an oil deal.

Speaking at a teleconference, David Schenker, Assistant Secretary for Near Eastern Bureau at the State Department said the allegations were concerning and added that U.S. and United Nations sanctions applied to those exporting Libyan oil outside legal auspices of Libya’s National Oil Corporation.

NOC calls on armed groups to leave Sharara oilfield

Written by LS on . Posted in News. No Comments on NOC calls on armed groups to leave Sharara oilfield

National Oil Corporation (NOC) confirmED the drastic deterioration in the security situation at the Sharara oilfield following the arrival of combatant armed groups from Sebha, which entered the field on the evening of Monday June 8, 2020. These groups, under Masoud Al Jadi and Ahmad Ibrahim bin Nayel and comprising members of 116th battalion, 128th battalion and 12th brigade, have shut down production at the Sharara oilfield. NOC noted that the production at the field remains closed.

According to the NOC’s statement, these armed groups have caused significant damage and their behaviour constitutes a direct breach of the security arrangements of the field, as well as the health and safety protocols instituted to protect workers during the coronavirus crisis. There are also reports of sabotage at the field and theft of workers’ food and supplies.

NOC and Akakus Oil Operations, which operates the field, have implemented the emergency plan and gradually evacuated the workers from the field to ensure their safety.

NOC warned that the continuing presence of these armed groups presents a significant danger and threatens to cause sustained damage to the infrastructure of the field, jeopardising investments exceeding $4 billion of public money in the field’s assets and facilities. In addition, the cost of repairing the damage to the field and the revenue losses resulting from their actions will amount to billions of dollars.

NOC also confirmed that it continues to take all official measures to file complaints to the Public Prosecutor’s Office against all parties responsible for inciting, organising and perpetrating shutdowns in all regions of Libya.

NOC stressed that it is working closely with the Ministry of Foreign Affairs and relevant authorities to take the necessary actions to impose sanctions on those responsible and pursue all legal avenues to bring about criminal prosecutions.

NOC reminded all concerned that any attack against oil facilities, any intimidation of workers, and any attempt to militarize and damage oil infrastructure constitute criminal actions and threaten the interests of all Libyans.

COVID-19 Spread Speeding up in Africa, WHO says

Written by LS on . Posted in News. No Comments on COVID-19 Spread Speeding up in Africa, WHO says

The World Health Organization has warned that the coronavirus pandemic is accelerating in Africa, after the continent hit 200,000 cases earlier this week.

Speaking at a video briefing hosted by the UN press association in Geneva on Thursday, Doctor Matshidiso Moeti, the WHO’s regional director for Africa, said, “It took 98 days to reach the first 100,000 cases, and only 18 days to move to 200,000 cases.” Africa has so far recorded 5,635 deaths.

“Even though these cases in Africa account for less than 3% of the global total, it’s clear that the pandemic is accelerating.”

South Africa is the worst-affected country on the continent, with more than a quarter of all infections. But most countries have fewer than 1,000 infections, said Moeti, and the UN does not believe that severe cases are going undetected.

Africa has recorded fewer than 6,000 deaths, according to an AFP tally, but just five countries account for 70% of these: South Africa, Algeria, Nigeria, Egypt and Sudan.

In Africa, “the pandemic is still concentrated in and around capital cities but we are seeing more and more cases spread out into the provinces,” Moeti said.

She said that in most countries on the continent, the virus entered capitals through international flights from Europe.