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Author: LS

Mohamed Raied: adjusting food and meat prices is not implementable

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In a televised interview for Libyan WTV channel yesterday, the Chairman of the Economic Committee of the House of Representatives (HoR), Mohamed Raied considered that the resolution of the Ministry of Economy on adjusting food and meat prices is not implementable.

Raied noted that he did not approve the resolution during the ministry’s first session as that would  worsen citizens’ situation, especially amid the current circumstances the state is going through.

He also said that the current crises could only be solved by opening of Letters of Credit and adjusting the exchange rate. 

Raied blamed GNA’s Presidential Council for not having considered the private sector in most of its decisions.

Brent below $20 a barrel on storage, economic woes

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Oil prices slumped again on Monday on concerns over scarce storage capacity, especially in the United States, and global economic doldrums from the coronavirus pandemic.

U.S. oil futures led losses, falling by more than $4 a barrel on fears that storage at Cushing, Oklahoma, could reach full capacity soon.

U.S. West Texas Intermediate CLc1 June futures were down $4.63, or 27.3%, to $12.31 a barrel at 14:06 GMT.

Brent crude LCOc1 was down $1.81, or 8.4%, at $19.63 a barrel. The June Brent contract expires on Thursday.

Misrata receives PCR Bio-Rad rapid testing device

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An official at Libya’s National Centre for Disease Control (NCDC), Misrata branch, claimed that it had received a PCR Bio-Rad rapid testing device from the administration of the NCDC in Tripoli.

The Supreme Committee, set up to confront the Coronavirus pandemic in Misrata, stressed that the new device will be used in conjunction with another device received the previous day from the Chamber of Commerce and Industry in Misrata.

The committee noted that it would initiate the operation of the device and it expected that testing in its branch laboratories would be in full swing by the end of this week.

Libya’s Oil exports dropped 92.3%

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National Oil Corporation (NOC) stated that its revenues amounted to $1.093 billion ($1,093,537,953) in March 2020, after  collection of revenues from sales made in January. 

Oil exports dropped 92.3% which caused huge losses to the national economy. Oil products also decreased to zero in March 2020 as a result of refineries being shut down due to the illegal blockade. Equally, natural gas production decreased by 200 million cubic feet per day after the valve shutdown in the region of Sidi Sayeh.  

NOC Chairman Mustafa Sanalla commented: “The first quarter of 2020 was a huge decrease in revenues for Libya, as a direct result of the illegal blockade of numerous oil and gas facilities. This is only part of the picture, as the corrosion in pipes caused by still oil and salt water is resulting in physical damage that will cost millions to fix when the crisis is over. 

“Libyan people across the whole country are the ones who will feel the cost of this illegal blockade. The low revenue will simply delay further any government investment in public services, the national economy, and the foundations of future prosperity for Libya”, he added. 


 


Libya to improve infection control capacity at public and private workplaces

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Today, the Vocational Safety Council at the Ministry of Labor considered launching an inspection campaign aimed at improving infection control capacity at workplaces.

During the councils meeting that took place at the HQ of the Ministry of Labour, the Ministry said that viruses, fungi, and bacteria pose workplace danger. Thus, efficient procedures are needed to provide a safety culture for employees in companies and institutions.

The meeting highlighted the necessity of drafting a resolution in this regard in order to protect employees in the public and private sectors .

Boris Johnson recovers from Coronavirus

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British Prime Minister Boris Johnson is returning to work after recovering from a coronavirus infection that put him in intensive care.

Johnson, 55, spent a week at St. Thomas’ Hospital, including three nights in intensive care, where he was given oxygen and watched around the clock by medical workers.

He was released on April 12, he recorded a video message thanking staff at the hospital for saving his life.

IMF, WTO urge caution on trade restrictions

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The International Monetary Fund (IMF) and the World Trade Organization (WTO) urged governments to exercise caution when implementing trade restrictions during the coronavirus pandemic.

Countries can implement temporary export limits to prevent domestic shortages of critical goods but “taken collectively, export restrictions can be dangerously counterproductive,” the IMF and the WTO said in a joint statement on Friday.

“In particular, we are concerned by supply disruptions from the growing use of export restrictions and other actions that limit trade of key medical supplies and food,” the statement said.

The joint statement also warned regarding the supply of trade finance, saying: “Adequate trade finance is important to ensure that imports of food and essential medical equipment reach the economies where they are most needed.”

In addition, it said, critical workers for agricultural production are not able to move while new cropping seasons are starting.

“We urge governments to address these challenges in a safe and proportionate manner,” it underlined.

Libyan dinar gains value against foreign currencies at the black market

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For the second day in a row, the exchange rates of Arab and foreign currencies fell against the Libyan dinar at the black market due to the continued curfew, as the dollar fell by 4 cents and was traded at 5,750 LYD this morning.

The declines also included the dollar on the level of Hawala System from Tripoli to Turkey and Dubai. Hence, it was traded at 6,210 LYD after yesterday night’s slight rise, while the euro was at 6,190 LYD.

As for the Turkish lira, it also fell by a slight percentage, achieving 81 piasters per lira, while the Tunisian dinar lost 3 piasters from its value with regard to the Libyan Dinar, recording 1.960 LYD, and selling the price of a gram of gold broke 18 carat at 205 dinars.

Food and Drug Control Center warns against the accumulation of expired medicines

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In a statement on its Facebook page, the Food and Drug Control Center has warned against the accumulation of expired medicines in a number of hospitals and health centers.

The center noted that its action teams have conducted inspection visits to a number of public hospitals and health facilities within municipalities of Greater Tripoli and reported large stocks of expired medicines in their stores.

“Most of the drugs found are used to treat chronic diseases and are in high demand,” the center noted, questioning why these expired medications have not been disposed of, and why not dispensed to those who need them in the first place.

The center called on the competent authorities to intervene urgently in order to discard these expired drugs within pharmaceutical waste management guidelines.

It expressed concern that these products might end up in the wrong hands. Some “mean-spirited” people might falsify these products and sell them once again, in total disregard of people’s lives and safety,” the center stated.

Tripoli Port: first cargo ship arrives from Sfax, Tunisia

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The media office of the Transport Ministry of Libya claimed that the first cargo ship with 134 containers on board arrived today to Tripoli Port.

It will be reminded that on 20 April 2020, Tunisia’s Ministry of Agriculture announced that the Interprofessional Fruit Group (GIF) and the TuniShip shipping company will launch the direct shipping line between the port of Sfax and the port of Tripoli on 26 April 2020.

This move came as part of supporting Tunisian exporters and urging them to seek new markets, facilitate international transfers and develop trade relations between Tunisia and Libya, following measures taken at border crossings to counter the spread of the CORONA virus.