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Author: LS

Dbeibeh follows up the launch of local development projects

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Today, Monday, the Prime Minister of the National Unity Government, Abdul Hamid Dbeibeh, followed up, during a meeting with the Minister of Local Government, Badr Al-Din Al-Toumi, the measures taken by the ministry to start disbursing local development allocations to municipalities, related to health, infrastructure, electricity, releases, and transparency of public spending, in the presence of the Minister of State for Cabinet Affairs, Adel Jumaa.

Dbeibeh stressed the need to adhere to the standards, start disbursing municipal allocations that meet their conditions, and the need for all state agencies to work to support decentralization.

Al-Toumi presented a general position to the Prime Minister regarding the package of procedures followed in the Ministry for disbursement, the most important of which is the financial and technical settlement of municipal allocations for the year 2021, and the identification of targeted projects for the current year 2023 with the aim of ensuring that they are not duplicated with the projects of the executive agencies, and in compliance with the President’s circular regarding the need for transparency in tools. The selected implementation, confirming in his briefing to Dbeibeh that 69% of the municipalities have fulfilled their procedures in this regard.

Aoun discusses common topics between the two countries in the field of oil, on top of which is the return of the Algerian oil company Sonatrach

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On Saturday, during a meeting with the Governor of Libya at OPEC, Mustafa Ben Issa, and the Minister of Energy and Minerals of the Republic of Algeria, Mohamed Arkab, the Minister of Oil and Gas in the Government of National Unity, Mohamed Aoun, discussed, on Saturday, issues of common interest between the two brotherly countries in the field of oil and gas. At the top of the agenda was the return of the Algerian company Sonatrach to the oil sector, along with other companies, to operate in Libya.

Aoun presented the development of the oil and gas sector in Libya, and exploration programs in the next stage, and urged the Algerian side to quickly return to Libya and complete the exploration work, develop their oil discovery, and participate and contribute in the next stage.

In turn, the Algerian Oil Minister affirmed Algeria’s serious desire to contribute and invest in the oil and gas sector in Libya, and to return to complete the activities in the exploration blocks that they obtained in the previous exploration round, according to the instructions of His Excellency the President of the Algerian Republic.

The meeting concluded with the agreement of the two parties to intensify efforts for communication and joint cooperation between the two countries, and as a start for this, a delegation from brotherly Algeria will visit the National Oil Corporation in Libya in the coming weeks to facilitate the return of the Sonatrach branch manager to Libya in order to follow up on the development of oil operations in Libya and set a timetable for the return of Sonatrach’s activity as soon as possible.

The meeting was attended by the President and General Manager of Sonatrach Taoufik Hakkar, the Governor of the Republic of Algeria at OPEC, Ashraf Ben Hussein, and the General Manager of the Agusta Oil Refining Company, Samir Al-Madani.

This was done on the sidelines of the meeting of the oil ministers of the member states of the Organization of Petroleum Exporting Countries (OPEC).

Al-Mabrouk approves the results of the Social Security Debt Settlement Committee

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Today, Sunday, the Minister of Finance of the Government of National Unity, Khaled Al-Mabrouk, approved the results of the work of the mutual debt settlement committee between the Ministry and the Social Security Fund, which includes several types of balances registered with the Ministry and the Fund, such as the debts of the minimum wage and the accumulated deficits in the accounts of the Military Retirement Administration, and the debts of administrative expenses. Basic and quality health care and basic pension settlements between the Social Security Fund and the General Authority of the Social Solidarity Fund.

Al-Mabrouk instructed the settlement committees at the Ministry of Finance to finalize all existing settlements in the appropriate legal and technical form, in order to ensure that the balances of public institutions, funds and companies with the Ministry of Finance are corrected.

According to the media office of the Ministry of Finance, the settlement aims to control the conditions of balances and mutual debts between the Ministry of Finance and the Social Security Fund during the time range from January 2006 to December 2020, with a total amount of exchanged and accumulated amounts between these parties amounting to 13 billion Libyan dinars, and the Ministry aspires behind the completion of these settlements is to make the necessary financial corrections, to adjust any differences in the balances, and to ensure the stability of the Social Security Fund budgets and to achieve the financial sustainability required to overcome any cash or actuarial deficits.

It should be noted that the Ministry of Finance will refer the final settlement procedures after they have been approved by the Minister to present them to the Council of Ministers of the Government of National Unity, for final approval and approval of the mutual indebtedness between the Ministry of Finance and the Fund, and that the legal framework for these periodic settlements between them is based on the Public Debt Law No. 15 of 1986, while this step comes as a continuation of a set of important settlements that the Ministry of Finance recently concluded with a number of funds, agencies and other public companies.

CEO of Bank ABC Group: “We are moving forward on our digital transformation journey to build the bank of the future”

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Bank ABC Group Chief Executive Officer, Sael Al-Waary, commented on Global Finance’s selection of Bank ABC’s laboratories as one of the best financial innovation laboratories in the world, saying: “Innovation is the cornerstone of our strategy. We are moving forward on our digital transformation journey to build the bank of the future that is easy, useful and sustainable. We are proud of the prestigious recognition of our world-class ABC Innovation Labs. This award is the result of our commitment to driving and adopting emerging technologies such as artificial intelligence, blockchain, and data analytics.”

Al-Waary explained that it is a testament to the bank’s commitment to providing an improved banking experience to customers and encourages it to continue investing in its initiatives in the field of digital transformation and innovation. He added: “I would like to thank the Global Finance magazine for this recognition, and the Board of Directors for its continuous support for the digital transformation journey and our ambitious innovations, and thank the loyal employees of the group for their adoption of innovation and hard work to achieve the bank’s vision to build the bank of the future.”

Global Finance: Bank ABC Labs has been selected as one of the best financial innovation labs in the world

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Bank ABC won two prestigious awards within the Global Finance Magazine’s Innovators Awards for the year 2023. ABC Labs, the bank’s innovation and digitization hub, was selected as one of the “Best Financial Innovation Labs in the World”, in recognition of the efforts of the leading financial innovation labs in driving change. The digital root within the global banking industry.

ABC Laboratories has been lauded for launching many innovative initiatives with a visionary vision and flexible innovative approach, which in turn led to a paradigm shift in the region and beyond.

Global Finance stated that the ABC laboratories were launched in 2019, led by the group’s innovation unit, and are equipped with the latest digital tools in the banking industry. With a global presence, the ABC Labs team collaborates closely with customers, regulators, technology service providers, financial institutions and fintech to drive growth and transformation of the industry and the broader economy.

The magazine indicated that the “Best Innovations in Finance” award won by Bank ABC is evidence of the excellence of its digital transformation program, which provides unrivaled banking services that are specially designed for its corporate and individual customers, and

The bank’s continuous journey in digital transformation aims to build a sustainable “bank of the future” that is supported digitally.

Global Finance added that the bank’s journey is based on a flexible digital innovation strategy based on the cloud first. This initiative was designed for several years, with the aim of driving more operational efficiencies, bypassing outdated models and systems, and enabling the bank to achieve digital leadership by providing developed banking solutions to its clients.

The Public Prosecutor discusses the results of monitoring the violations of state property

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On Wednesday, during a meeting with the Minister of Local Government, the Minister of Housing and Utilities, the head of the Urban Planning Department of the Government of National Unity, the head of the State Property Authority, the director of the Tripoli Security Directorate, the director of the General Administration of Law Enforcement, and the commander of the Tripoli Protection Force, the Attorney General discussed the results of monitoring the violations that affected state property, and the level of the detailed plan, and its consequences, and the need to take measures to eliminate the effects of all encroachments at times that are compatible with the urgent treatment required by the public interest.

The Attorney General recommended that the efforts of the agencies involved in development and planning be combined, until the measures to be taken reach the aspired goals of initiating criminal proceedings or implementing administrative measures against violators.

He urged the relevant authorities to enforce the decisions to respond to aggression against public property, and the planning rules, to communicate and communicate with the rest of the components of the executive authority, for the purpose of planning appropriate remedies for the social and economic problems resulting from the long-term infringement, developing a vision that contributes to an understanding of the amount of damage that befell goodwill in contractual relations and supporting their right to adequate housing and an alternative source of livelihood without prejudice to the criminal and civil liability of the perpetrators.

The Attorney General stressed the necessity of respecting the right of ownership, and what derives from it when signing detailed plans. It is forbidden to prejudice the property without the owner or usufructuary receiving fair compensation.

The meeting also discussed, during its conclusion, plans to implement the relevant decisions of the Public Prosecution Office, and presented their views on lifting the obstacles and overcoming the problems that appeared during the implementation.

The meeting was attended by the Chairman of the Board of Directors of the Public Services Company and the mayors of Souq Juma’a, Tripoli Center, Al-Andalus district, and Tajura, as well as the Chief Prosecutor of North Tripoli and the Director of the Public Order Prosecution Office within the jurisdiction of the Tripoli Court of Appeal.

Ministers of the National Unity Government discuss the gradual reform report on fuel subsidies

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The Minister of Planning in charge of the Government of National Unity, Mohamed Al-Zidani, discussed on Wednesday, during a meeting with the Minister of Oil and Gas, Mohamed Aoun, and the Minister of Economy and Trade, Mohamed Al-Huwaij, the report of the gradual reform of fuel subsidies, the impact of the total increase in fuel on the social and economic situation, and the importance of designing a national program for a network Social protection to address social and economic issues.

The meeting dealt with the use of the electronic fuel card system to allocate specific rations of fuel to citizens at the subsidized price. The meeting also dealt with the committee’s recommendations for the success of the subsidy reform strategy.

The meeting was attended by the Undersecretary of the Ministry of Economy and Commerce for Economic Affairs, the Undersecretary for the Audit Bureau Affairs, the Undersecretary for Strategies and Development Affairs, the Director General of the Planning Institute, some of the directors of departments in the Ministries of Planning, Economy and Finance, and members of the committee formed by the Minister of Planning’s decision No. (118) for the year 2022.

Finance Minister and the Chief of Staff and Social Security follow up on the military retirement file

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Today, Wednesday, the Minister of State for Cabinet Affairs followed the military retirement file and the work of the committee formed regarding the completion of settlement procedures between the Social Security Fund and the Ministry of Finance regarding military retirement and reviewing the apparent deficit in military pensions and bonuses, during a meeting in the presence of the directors of the departments of each of the military accounts headed by the General Staff and Resources of the Ministry of Finance, Military Pension and Finance of the Social Security Fund.

During the meeting, the legal deductions specified in Law No. 43 of 1974 and their suitability to the current reality were discussed. The meeting agreed on the need to continue working among all executive agencies in order to settle the conditions of military retirees and to prepare a detailed memorandum by the Ministry of Finance and the Social Security Fund to amend the Military Retirement Law.

This was done in implementation of the instructions of the Prime Minister and Minister of Defense, Abdul Hamid Dbeibeh.

In implementation of the Central Bank’s plan, Jumhouria Bank reveals that 100 million Dinars have arrived at its branches in the east of the country

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Jumhouria Bank revealed that a shipment of cash, worth 100 million dinars, had arrived at Benina Airport in Benghazi, to meet the needs of Jumhouria Bank customers in the eastern region.

This is within the framework of the Central Bank of Libya’s plan to provide liquidity and in cooperation with the liquidity team at the Central Bank of Libya.

Adapted from Sada Economic Newspaper

Paris Court of Appeal issues a ruling in favor of the NOC against a company in the Emirates

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Today, Monday, Paris Court of Appeal issued a ruling in favor of the National Oil Corporation against the Emirati energy company, Trasta, granting it full control of the Ras Lanuf refinery.

The ruling obliges Trasta to pay approximately $115 million in unpaid fees to the institution after it won a case on May 23 against Trasta, and the court rejected the latter’s request to cancel the case.

The site confirmed the possibility of the Corporation proceeding again with the evaluation of “Trasta” shares, indicating that the Oil Corporation intended to authorize the International Chamber of Commerce to acquire “Trasta” shares in “Lerco”, and it brought an expert to do so.

According to the site, the two companies were part of the consortium of the Libyan-Emirates Oil Refining Company “Lerco”, which was established in 2008 to operate the Ras Lanuf refinery, before it faced difficulties after the revolution and closed its doors after two years.

Adapted from Africa Intelligence