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Author: LS

Libya: additional € 3 million allocated to EU-funded EU4PSL project

The EU Delegation to Libya announces an allocation of 3 million euros funding to EU4PSL – European Union for private sector in Libya, in addition to the previous 7 million euros.

It is a project successfully implemented by Expertise France and in close collaboration with the Libyan Authorities, which aims to support the development of the economic opportunities in Libya.

EU4PSL is a project financed by the European Union and implemented by Expertise France.It improves Libya’s business environment in order to generate economic growth and job opportunities in particular for the youth and women. EU4PSL project is part of European Union support to the private sector development in Libya, such as SLEIDSE project, which is also implemented by Expertise France. 

Gold rises as fears for the economy loom large

Gold prices rose on Wednesday as fears of prolonged global economic weakness leapt to the fore, pushing aside premature excitement about a possible coronavirus vaccine, and prompted investors to seek safe-haven bullion.

Spot gold was up 0.3% at $1,749.44 per ounce by 10:44 GMT, while U.S. gold futures rose 0.6% to $1,756 per ounce.

“The situation worldwide is still tense as far as the coronavirus is concerned. The economic outlook and a lower interest rate environment and lower stock markets are helping gold prices to go higher,” Afshin Nabavi, senior vice president at precious metals trader MKS SA, said.

Euro advances towards two-week highs on EU common fund proposal

The euro extended gains on Wednesday, climbing towards a two-week high, as a Franco-German proposal for a common fund that could move Europe closer to a fiscal union boosted demand for the currency.

But the euro’s gains were hardly broad based with the single currency giving up ground against the perceived safe-haven Swiss franc as the size of the proposed fund is seen as being relatively small compared to the size of some of some European economies.

The euro edged up 0.2% to $1.0960, near to a two-week peak of $1.09755 reached on Tuesday. Breaking that level could open the way for a test of its May 1 high of $1.1019.

“It is a sign that major players are getting serious about pushing the limits toward what we think will inevitably be needed: region-wide fiscal spending to offset the costs of the crisis,” John Velis, an FX strategist at BNY Mellon said, referring to the Franco-German proposal.

It should be noted that France and Germany have proposed a 500 billion euro Recovery Fund to offer grants to regions and sectors hit hardest by the coronavirus pandemic and to allow borrowing by the European Commission on behalf of the whole EU.

Oil up on lower U.S. stocks, firmer demand

Oil prices firmed on Wednesday on signs of improving demand and a drawdown in U.S. crude inventories, but worries over the economic fallout from the coronavirus pandemic and weak refining margins capped gains.

Brent crude futures LCoc1 were up 51 cents, or 1.47%, at $35.16 per barrel at 09:28 GMT.

U.S. West Texas Intermediate (WTI) July crude futures CLc1 were up 22 cents, or 0.69%, at $32.18 a barrel.

The WTI June contract expired on Tuesday at $32.50 a barrel, up 2.1%, avoiding the chaos of last month’s May expiry, when prices sank well below zero.

U.S. crude inventories fell by 4.8 million barrels to 521.3 million barrels in the week to May 15, data from the American Petroleum Institute (API) showed on Tuesday.

NCDC launches a surveying process for Covid-19 in Souq Al-Jumma

The representative for the Souq Al-Jumma municipality, Riyad Biram, announced on Monday the onset of a comprehensive survey for the detection of the COVID-19 pandemic in his municipality, in coordination with the National Center for Disease Control (NCDC).

The survey began by targeting 300 people initially, according to the official Facebook page of the NCDC, with teams working throughout the course of the survey in a timely fashion to create an investigative atmosphere, followed by rapid response when necessary.

The objectives of the municipalities, is to complete the task of taking samples, in a controlled and scientific manner and deliver them to the Reference Testing Laboratory of the NCDC within as short a time-frame as possible.

IOM distributes emergency supplies to 2,500 displaced Libyans

The International Organization for Migration (IOM) on Sunday said it started a 3-day distribution of emergency supplies to 2,500 displaced Libyans in the capital Tripoli.

The recipients are internally displaced Libyans in Hay Andalus area in Tripoli, the organization said, adding the program was implemented in coordination with the United Nations Office for the Coordination of Humanitarian Affairs in Libya and the municipality.

The response was complemented by the Libya office of the United Nations Higher Commission of Refugees with provision of food baskets, the IOM added.

Libya: one of the most important crisis to watch for in 2020

China has remained neutral in this conflict. Under the Gaddafi regime, China engaged in various infrastructure activities with 35,000 Chinese laborers working across 50 projects, ranging from residential and railway construction to telecommunications and hydropower ventures.

The year leading to Gaddafi’s overthrow, Libya was providing three percent of China’s crude oil supply, constituting roughly 150,000 barrels a day. All of China’s top state oil firms – CNPC, Sinopec Group, and CNOOC – had had standing infrastructure projects in Libya.

In the outbreak of protests in 2011, China sought to preserve economic ties with Libya and rejected the NATO-led military intervention. In late 2015, the GNA emerged as the new political authority, the product of negotiations brokered by the United Nations and backed by China.

Although many Chinese projects were suspended in Libya and bilateral trade decreased by 57 percent, China’s neutrality paved the way for Beijing to stand in good stead with GNA for years to come.

On May 13, WHO issued a joint statement on Libya emphasizing that the entire population of the country, especially some 400,000 Libyans that have been displaced – about half of them within the past year, since the attack on Tripoli — are at risk of Covid-19 pandemic.

The report talks about food security and latest assessments show that most cities are facing shortages of basic food items coupled with an increase in prices, urging all parties to protect the water supply facilities that have been deliberately targeted.

“We look forward with anticipation to the pledged financial support to the Humanitarian Response Plan for Libya, as announced by the GNA,” WHO statement said.

“200.000 Libyans have been forced into displacement”

The Acting Head of the UN Support Mission in Libya (UNSMIL) Stephenie Williams has told the Security Council in a briefing via video conference that military operations have escalated in civilian neighborhoods, adding that 200.000 Libyans have been forced into displacement after fleeing their houses in areas of clashes between Government of National Accord and Khalifa Haftar’s forces.

Williams added in her briefing on Tuesday that the UNSMIL calls for a comprehensive ceasefire in Libya and a return to the political process, warning that the control of the Government of National Accord’s (GNA) forces over Al-Watiya airbase could escalate military operations.

“We call for ending attacks on civilians and civilian infrastructure in Libya, and those who are violating the international law should be brought to justice.” She added.

Williams told the Security Council that pressure should put on the international and regional parties that are fueling the conflict in Libya, warning that the war could expand and lead to heinous consequences due to external intervention.

She also said that the outbreak of Coronavirus had added to the lack of security in Tripoli, indicating that a million persons are in need of humanitarian assistance due to the impact of fighting and COVID-19 pandemic.

Libya faces risk of ‘Vaccine-Preventable Diseases’

More than 250,000 Libyan children under 1 year of age are at risk from vaccine-preventable diseases as the country faces critical shortages in vaccine supplies, two United Nations agencies said Tuesday.

The United Nations International Children’s Emergency Fund (UNICEF) and the World Health Organization (WHO) said the situation has worsened with attacks by warlord Khalifa Haftar’s militias, the coronavirus pandemic, disrupted health care services, regular power cuts, shortages of safe water supplies and the closure of schools and child-friendly spaces.

“For the past two months, access to routine immunization services has been disrupted as a result of the COVID-19 lockdown, leading to an increased risk of a resurgence of measles and polio outbreaks,” UNICEF said.

“There are acute shortages of hexavalent vaccine, which protects against six diseases (diphtheria, tetanus, pertussis, poliomyelitis, Haemophilus influenzae type b and viral hepatitis B). Similarly, oral polio vaccine, which is administered at birth and at 9 months of age, is in critically short supply,” they said in a joint statement.

Children in hard-to-reach and conflict-affected areas are at particular risk because they may have already missed vaccination doses.

“WHO and UNICEF are also concerned that many migrant, refugee or internally displaced children may not have received their basic vaccination doses in their country of origin or may have missed the required doses in Libya,” it added.

Head of Libya’s Audit Bureau calls for an emergency meeting

A source from the Libyan Audit Bureau has told Sada economic newspaper that the Head of the Audit Bureau Khalid Shakshak has sent a letter to the Head of the Presidential Council Fayez Al-Sarraj and Head of the General Assembly of the General Electricity Company of Libya (GECOL) to hold an emergency meeting.

Shakshak called in the letter for ending the hurdles facing the operations of the GECOL and for sacking the board of directors of the GECOL, in addition to separating authorities of supervisory, control and executive bodies at the GECOL.

The Head of the Audit Bureau added that holding dual posts at the board of directors of the GECOL should also be tackled by the Presidential Council, in addition to speeding up the opening of the delayed letters of credit for the operational plan of the GECOL by the Central Bank of Libya.