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Author: LS

Ministry of Finance: toward reducing salaries by 40%

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The Ministry of Finance declared that it took measures to implement the policy of rationalizing the public expenditure, especially with regard to the expenses of the first section, which represents about 56% of the total government expenditure per year.

Nevertheless, it took a decision to reduce salaries of Presidential Council members, commissioners and agents by 40%, in addition to reducing the salaries of consultants by 30%.

Moreover, a decision was taken to form a committee of specialists and experts in order to set legal and technical standards and prepare a standard salary scale that would ensure social justice, performance and responsibility.

The Ministry of Finance also announced that it was preparing the necessary administrative and financial data to reduce the salaries of employees of bodies operating under special salary scales from executive and legislative authorities by 20%.

The Ministry of Economy and Industry submits a proposal to the Presidential Council

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The Ministry of Economy and Industry submitted its proposal to the Presidential Council on replacing the in-kind fuel support with monetary support.

The ministry confirmed that this step would achieve advantages represented in the principle of justice in distribution, guarantee the support to its intended beneficiaries, and rationalize consumption by about 30% to 40%.

In addition, it aims to eliminate the incidence of smuggling and fuel leakage channels to the least extent possible, as well as to decrease foreign exchange fuel purchase bill by about 25%.

Based on its questionnaires, the ministry pointed out that citizens are convinced that the in-kind fuel support

The ministry also confirmed that this matter comes within the framework of the implementation of the economic reform program approved by the Presidential Council, as well as the agreement signed between the Presidential Council, the Supreme Council of State and the Central Bank of Libya, which states that the Ministry of Economy and Industry will submit a proposal for the fuel support system program.

It revealed that the current support system is distorting the national economy because there are about 40% fleeing outside the borders, in addition to the price distortion caused by the support system.

It should be noted that the proposal is pending until a decision will be taken.

GNA’s Ministry of Labour providing job opportunities

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In a statement to “Tabadul”, GNA’s Under-Secretary for Labour, Ali Akasha, announced that the Ministry of Labour is trying to provide financial sources and job opportunities for youth in industrial estates as well as educational or health cooperatives.

“The judicial restraining order for the Ministry’s inspectors in all municipalities has been activated, and we need coordination with security services, whether the Audit Bureau or the Administrative Control Authority,” he added.

New batch of displaced persons in Tripoli

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In a statement to “Sada”, the head of the higher Committee for Displaced Persons, Mohamed Jebran, claimed that the number of displaced families in Tripoli is about 27,000, unless families who had left their homes because the war.

He also stressed that no new financial settlement was allocated to the displaced persons by the government.

Concerning the failure to adopt 2020 budget, as well as the the non-expenditure of new amounts to the displaced, the Minister of Local Government, Milad al-Taher, said in a statement “Sada”, that there is no new information on financial support for the displaced.

He also confirmed that support and privatization is carried out through the Presidential Council of the GNA.

It should be pointed out that the GNA has allocated housing for the displaced persons, and according to the citizens, they are unsafe.

Dollar dives to seven-week low against yen

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The U.S. dollar slid to a seven-week low against the Japanese yen after Federal Reserve Chair Jerome Powell suggested the central bank could cut interest rates in the wake of the coronavirus.

The Japanese yen was on track for its largest daily gain since May 2017 as investors moved into the safe-haven currency.

t had strengthened to as high as 107.52 versus the dollar and was last trading up 1.51% at 107.92.

The dollar index was last down 0.324% to 98.127USD, down about 1% this week on rising expectations of a rate cut.

A cut of at least 25 basis points at the Fed’s March meeting was fully priced in on Friday, versus expectations of 57.6% on Thursday.

Salame: “the three tracks will continue despite everything”

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Bombardment of the Libyan capital Tripoli intensified yesterday. Hence, residents stated that the shelling was among the heaviest since the ceasefire was agreed on January 12, as artillery blasts echoed through the city centre and black smoke billowed near Mitiga airport.

U.N. special representative Ghassan Salame said the past 24 hours had seen “a very serious truce violation” and called for all sides to again respect the ceasefire.

The bombing of civilian neighbourhoods of Tripoli “may amount to war crimes”, the United Nations’ Libya mission said in a statement, adding that the three tracks to resolving the crisis are continuing and would not be stopped by either Grad rockets, or misleading statements.

Trying to rescue the Libyan Political Track talks held in Geneva 26-28 February, Ghassan Salame said that one single family in Garabulli lost five of its members in a shell.  And, yesterday, many areas in the capital were also shelled. “It is clear that neither one of the three tracks can move positively while the cannon is doing what it is doing right now.  That is why, once again, we call on the respect of the truce that had been accepted by the two sides on January 12, and we insist that the three tracks will continue despite everything, the political, the economic and the military.” Salame stressed.

NOC: Oil shutdown losses exceed $2 billion

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In an official notice, NOC expressed its deep concern about a potential fuel shortage in the coming weeks after the loss of local production, the Zawiya refinery shut down and the lack of sufficient import budgets.

Oil and gas production in Libya have been consistently down as a result of the illegal blockade of ports and pipelines.

NOC reported that the current levels of production are 120,568 barrels per day, as of Friday February 28, 2020.

Forced restriction of production has resulted in financial losses exceeding $2,347,200,138 USD since January 17, 2020.

The notice also mentioned that Tripoli storage depots and some of the surrounding areas and Southern regions are still suffering from a lack of supplies due to the deteriorating security conditions, pointing out that the city of Tripoli is supplied with hydrocarbons directly from the Tripoli port.

Zawiya Refinery: fire caused by a technical error

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Yesterday, Libya’s National Oil Corporation confirmed that workers in Zawiya Refinery succeeded in controlling a fire that was caused by a technical error in the asphalt tank.

NOC stressed that Health and safety measures were followed and no one was harmed as a result of the accident.

It should be noted that the National Oil Corporation’s board has ordered a full investigation of the incident.