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Author: LS

Al-Kabeer Meets with the Head of the Islamic Solidarity Fund for Development

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The Governor of the Central Bank of Libya, Seddiq Al-Kabeer, met in his office in Tripoli today, Wednesday, with the Head of the Islamic Solidarity Fund for Development and the representative of Libyan Islamic Bank, Hiba Ahmed.

This meeting is a continuation of a series of meetings, discussions, and joint studies conducted between the Central Bank and the technical and advisory team from the bank and specialized Libyan institutions supporting projects to take practical steps towards establishing the Waqf Solidarity Fund.

Central Bank Reveals Spending for the Three Legislative Councils and Dbeibeh’s Government

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The Central Bank of Libya disclosed in its monthly statement the total spending and revenues, revealing that the total revenues from the beginning of the current year until the end of May amounted to 43.7 billion dinars, while the total spending reached 32.8 billion dinars.

The Central Bank of Libya clarified that the spending for the Council of Ministers of the Government of National Unity exceeded 591 million dinars during this period, while the spending for the House of Representatives exceeded 352 million dinars.

Additionally, the Central Bank revealed the expenditures of the Presidential Council, which amounted to over 169 million dinars, and noted that the spending for the High Council of State exceeded 14.8 million dinars.

Moreover, the Central Bank indicated that there is a foreign currency deficit amounting to 5.6 billion dollars.

National Oil Corporation Reveals Revenues Transferred to Central Bank since Beginning of Current Year until May 31

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The National Oil Corporation revealed in a statement today, Monday, the revenues that were transferred to the Central Bank of Libya for the year 2024, which amounted to a total of $7 billion.

The value of revenues transferred to the Central Bank on January 28 of this year was $1 billion, and on February 11, the transferred revenues amounted to $500 million, reaching $1 billion at the end of February.

The clarified that the value of revenues transferred to the Central Bank on March 4 of this year was $500 million, and on the 14th of the same month, it was $500 million, and on the 28th, it was $500 million, and on March 31, $500 million in revenues were transferred.

The NOC stated that in April, revenues were transferred to the Central Bank worth $1 billion, and in mid-May, it transferred more than $1 billion, with the value of revenues transferred on the 29th of the month amounting to $750 million, in addition to $200 million on May 31 of the current year.

Dbeibeh Follows up with Al-Abid on the Launch of Electronic Work Residencies

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The Prime Minister of the National Unity Government, Abdul Hamid Dbeibeh, followed up during his meeting today, Sunday, with his Minister of Labor and Rehabilitation, Ali Al-Abid, on the launch of electronic work residencies.

Dbeibeh stressed the necessity of supporting the private sector in all fields, considering that this technological step is in this direction, emphasizing the necessity of launching and developing this service.

For his part, Al-Abid presented a briefing to Dbeibeh regarding the completion of linking the Wafed platform with the Passports and Nationality Department, and creating an account for every local company wishing to bring in workers, considering it the official sponsor before the Libyan state, confirming that this step will contribute to facilitating the procedure and eliminating bureaucracy.

Bengdara Discusses Latest Developments in Implementation of Oil Production Increase Plan

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The head of the National Oil Corporation Farhad Bengdara discussed during his meeting today with the chairman and members of the board of directors of the Arabian Gulf Oil Company, the latest developments in the implementation of the production increase plan proposed by the Corporation, in addition to the problems and challenges facing the progress of work in this regard.

During the meeting, the proposed solutions and visions to overcome these challenges were discussed, and to ensure the continued progress in the implementation of the plan. It was also agreed on the importance of continuous coordination between the Corporation and the Gulf Company to achieve the company’s targets set by the Corporation’s board of directors.

North Africa Bank Confirms the Completion of Preparing Money Transfer Service Between It and Other Banks

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The head of the Product Improvement and Development Department at North Africa Bank revealed in a statement to our source today, Thursday, that the bank has completed preparing and testing the money transfer service between it and other banks in Libya.

The official at North Africa Bank said that this step is considered an important and unprecedented step towards improving the efficiency of services provided to the bank’s customers and facilitating the movement of funds with other banks.

She added that the announcement of the official launch date of the service will be in the coming few days, after the rest of the banks complete preparing their own systems for the service and the connection between commercial banks.

Dbeibeh Inaugurates the First China-Libya Economic Forum

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The Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh, inaugurated the first China-Libya Economic Forum under the slogan “Libya – China: Partners in Development and Reconstruction,” with the attendance of 84 Chinese companies operating in various fields.

Dbeibeh emphasized China’s role in the reconstruction that Libya is witnessing and the need to focus on resuming halted projects and contracting them with Chinese companies, considering this the first phase of mutual cooperation. He noted that there are currently over 23,000 Chinese workers in Libya, compared to only 5,000 workers in recent years.

During his political meetings with Chinese officials at the forum, the Prime Minister discussed the return of Chinese companies to work in Libya, overcoming the challenges they face, the reopening of the Chinese embassy in Tripoli, and the activation of its commercial section to undertake the role of coordination and communication with the relevant Libyan ministries.

General Assembly of Ola Energy Holding Approves Financial Statements for 2023

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The General Assembly of Ola Energy Holding, a subsidiary of the Libya Africa Investment Portfolio, held its ordinary meeting for the year 2024 on Thursday. The meeting was attended by the Chairman and members of the company’s Board of Directors, as well as the Chairman and members of the “LAP Mauritius” company.

During the meeting, the General Assembly approved the financial statements for 2023 and reviewed the external auditor’s report for the concluded fiscal year, along with the company’s annual activity report for 2023. Additionally, a new external auditor was appointed for the current fiscal year, 2024.

It is worth noting that Ola Energy, a subsidiary of the Libya Africa Investment Portfolio, operates in 17 African countries, owning and managing more than 1,300 petroleum product distribution stations. The company supplies jet fuel at 50 airports across the continent and owns several motor oil manufacturing plants. It ranks third among companies operating in its field across Africa.

Dbeibeh Agrees with China on Unifying International Political Stances and Reopening the Embassy in Tripoli

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Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh, agreed with the Chinese ambassador, Wang Li, to unify international political stances on the Libyan issue to achieve elections based on fair and consensual laws. They also agreed to begin the actual procedures for reopening the embassy in the capital, Tripoli, and to follow up on Chinese interests in various fields.

Dbeibeh emphasized the necessity of resuming political and economic cooperation between the two countries, noting the historical relations that span over 60 years.

The two parties discussed activating the 18 agreements between the countries, coordinating the convening of the Libyan-Chinese High Committee, and forming a joint committee to follow up on the committee’s meetings and review the agreements.

Ben Gdara Decides to Grant a Financial Advance to National Oil Corporation Employees Before Eid al-Adha

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The Chairman of the National Oil Corporation, Farhat Ben Gdara, issued a decision today, Tuesday, to disburse a sum of money to all employees and workers across all companies, entities, and centers affiliated with the corporation. The amount is set at 2000 dinars for married employees and 1000 dinars for single employees.

The decision states that the mentioned amount will be considered an advance on salaries to be recovered over 36 months. The funds are to be disbursed well before Eid al-Adha to enable the corporation’s employees and its affiliated companies to purchase sacrificial animals and cover their Eid al-Adha needs.