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Author: LS

Nova Agency: “Bashagha refused to offer construction contracts for projects to companies affiliated with Haftar, so he was suspended”

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The Italian Nova Agency confirmed today, Wednesday, that there are ongoing talks in Jordan between Haftar’s sons and leaders of armed groups from Tripoli under the auspices of the UAE and Egypt and with the support of the United States.

Regarding Bashagha’s dismissal, Nova indicated that members of Parliament accused him of squandering public money and entrusted his finance minister, Osama Hammad, with his duties, due to his refusal to grant construction contracts for projects to companies affiliated with Haftar.

It added that a cabinet reshuffle is unlikely in the near term, but it is not impossible. Either Haftar and Dbeibeh agree to change the government with the latter in the role of prime minister and with Haftar’s ministers, or they will continue to talk to each other behind the scenes, moving money up and down the counter.

Adapted from Nova Agency

Al-Kabeer denies closing the clearing between the East and the West and confirms that the parallel public debt for 2023 amounted to 8 billion dinars

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The Governor of the Central Bank of Libya, Seddiq Al-Kabeer, confirmed today, Wednesday, during the fifth cabinet meeting of 2023, that the availability of data and statistics during the assumption of the National Unity Government contributed to the continuation of negotiations with the International Monetary Fund, which had been in agreement for 10 years.

Al-Kabeer added that the volume of the public debt, corresponding to the year 2023, amounted to 8 billion dinars, indicating that the public debt negatively affected cash liquidity and the strength of the Libyan dinar.

The governor indicated that there are some banks that exhaust their entire cash flow and suspend the sukuk because they are spent without cash coverage, pointing out that the biggest problem we face is in the Trade and Development Bank, and we are working to solve the problem in coordination with the central branch in Benghazi.

Al-Kabeer continued: “The lie of closing the clearing was claimed by Ali Al-Habri and the percentage of acceptance of instruments on the clearing in the national system exceeds 96%, denying the closure of clearing between the banks of the eastern and western regions as part of the national payment system.”

Al-Kabeer is discussing with the British ambassador consultations with the International Monetary Fund and strengthening the disclosure and transparency program

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Today, Tuesday, the Governor of the Central Bank of Libya, Seddiq Al-Kabeer, discussed with the British Ambassador, Caroline Hurndall, a number of issues, the most important of which is consultation with the International Monetary Fund and cooperation with international institutions.

The meeting, which was attended by the Economic Counselor of the British Embassy, Simon Field, dealt with enhancing the disclosure and transparency program and the efforts of the Central Bank to raise the capabilities of commercial banks.

The meeting also touched on the need to encourage the role of the private sector in moving the wheel of the economy and the importance of the return of British companies and their contribution to the reconstruction in Libya.

Bank “ABC” results for the first quarter of 2023 increase by 94%

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Today, Bank ABC Group, (Arab Banking Corporation B.S.C.) whose shares are traded on the Bahrain Bourse under the symbol “ABC”, announced the financial results for the first quarter of 2023.

ABC Bank Group indicated that it had started the year on a strong footing with a 21% growth in revenue, compared to the same period in the previous year, driven by broad core business growth and benefiting from higher interest rates. The balance sheet remained healthy with strong capital and liquidity ratios.

For his part, Chairman of the Board of Directors of Bank ABC Group, Seddiq Al-Kabeer, commented: “We are pleased with the strong start to the year, as we continued to build on the momentum of the core business from last year benefiting from the acceleration of performance, which contributed to increasing our net profit for shareholders in the first quarter by 94% compared to the same period of the previous year, despite the pressures faced by the banking sector globally and the economic challenges in a number of our markets. The diversity of the group’s business portfolio and the strong management of the overall budget place Bank ABC in a position to continue its strong growth and improve profitability during the remaining period of 2023.”

The bank stated that the financial results during the first quarter of 2023 are represented in the consolidated net profits attributable to the shareholders of the parent company for the three months of the first quarter of 2023 amounting to 60 million US dollars, an increase of 94%, compared to 31 million US dollars recorded for the same period from last year.

Earnings per share for the period amounted to $0.02, a growth of 94% compared to $0.01 for the same period last year, in addition to the total comprehensive income attributable to the shareholders of the parent company reaching a loss of $1 million, compared to total comprehensive income of $8 million during the year 2022. This was mainly due to the depreciation of the Egyptian pound against the US dollar, which was offset to some extent by the strengthening of the Brazilian Real.

The group added that the first quarter of this year, the total operating income increased compared to the same period of the previous year by 21%, which reflects the growth in all basic markets, taking advantage of the situation of high interest rates, noting the increase in operating expenses compared to the same period of the previous year by 10% of expenses to support business growth, strategic transformation, and higher inflation. Thus, the Group has a positive income due to an increase in the income growth ratio to the cost growth ratio by 11%, as a result of the improvement in the cost to income ratio. The Group remains focused on cost control while continuing to invest in digital transformation and strategic initiatives to build the “Future Bank”.

The bank group “ABC” showed the general balance sheet in which the property rights belonging to the shareholders of the parent company and holders of perpetual bonds at the end of the period amounted to 4,043 million US dollars, compared to 4,095 million US dollars recorded at the end of 2022, after absorbing the impact of dividends and foreign currency conversion on the rights of ownership in subsidiaries.

Total assets amounted to $34.6 billion at the end of the period compared to $36.6 billion at the end of 2022, down by 7%, primarily reflecting short-term asset and liability management measures. Loans and advances amounted to $17.9 billion, slightly lower than the $18.2 billion recorded at the end of 2022, and deal volumes are expected to pick up over the remainder of 2023.

Liquidity levels also maintained their strength, as the liquidity coverage reached 200% and the net stable liquidity ratio reached 125%. The ratio of the first category of capital is 13.7%, and the total capital adequacy ratio is 16.4%.

Dbeibeh, Al-Kabeer and Shakshak are following the procedures of the public bidding of medicines

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Today, Monday, Prime Minister Abdul Hamid Dbeibeh held a meeting at the Medical Supply Bureau, which included the Governor of the Central Bank of Libya, Seddiq Al-Kabeer, the head of the Audit Bureau, Khaled Shakshak, the designated Minister of Health, Ramadan Abu Janah, the Minister of State for Cabinet Affairs, Adel Jumaa, and the head of the Information General Authority, Abdul Basit Al-Baour.

The meeting was devoted to following up on the implementation of the general tender for medicines and medical supplies 2019, after it was reviewed by the committee assigned by the Ministry of Health and approved by the Audit Bureau.

The meeting stressed the need to address all observations received from the Central Bank of Libya regarding the open documentary credits for the medical supply device, and to start actually implementing the public tender procedures, taking into account the supply of medicines and medical supplies that were not included in the terms of the tender.

It was agreed during the meeting to expedite the launch of the system and activate it in all hospitals to ensure the identification of needs and the transparency of distribution, stressing the need for disclosure and transparency in the field of supplies related to medicine and medical supplies and fighting corruption in all its aspects.

Dbeibeh stresses the importance of facilitating the granting of visas to Libyan citizens during his meeting with the Dutch Deputy Foreign Minister

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Today, Monday, Prime Minister Abdul Hamid Dbeibeh received Dutch Deputy Foreign Minister Paul Hauts at the Cabinet Office in Tripoli.

The deputy reaffirmed the position of the Netherlands in support of peace and stability in Libya, and the holding of comprehensive elections, which express the will of the Libyan people, expressing his happiness at the opening of the new headquarters of the Dutch embassy today in Tripoli after its expansion.

For his part, the Prime Minister expressed his appreciation for the Libyan-Dutch bilateral relations, stressing the importance of facilitating the granting of visas to Libyan citizens, in accordance with the government’s vision, which places service to citizens as a priority in various fields, stressing the importance of strengthening economic cooperation between the two countries, and motivating Dutch companies to partner with the Libyan private sector. And expand its activity in the Libyan market.

The NOC announces the return of the Ras Lanuf Industrial Complex “Ethylene Factory” to work after a 12-year hiatus

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Today, Friday, the National Oil Corporation announced the start of the process of entering “naphtha” into the furnaces, operating the cracking gas compressor system (1-R10), up to the production stage, and following up the progress of operations according to the approved operating manuals.

The National Oil Company stated that this process comes after the success of all operating trials of the work systems of the various units in the ethylene plant, which began several months ago, and confirmation of the readiness of the production units in the industrial complex to keep pace with the requirements of operating the ethylene plant.

The National Oil Company confirmed that with this step, the Ras Lanuf Oil and Gas Manufacturing Company has reached an advanced stage of the plan to restart the industrial complex, which was launched in 2019.

The Chairman of the Corporation, Ben Gdara, stressed that all stages of operating operations must be carried out in accordance with safety procedures and requirements to ensure the safety of all personnel and equipment, up to the final production stage, praising the efforts made and the distinguished work carried out by members of the Council of the Oil Corporation, Ras Lanuf Oil and Gas Manufacturing Company.

French prosecutors demand Sarkozy face trial over alleged Libya money

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French prosecutors have demanded that the former president Nicolas Sarkozy face a new trial over alleged Libyan financing of his 2007 election campaign.

France’s financial crimes prosecutors (PNF) said on Thursday that Sarkozy and 12 others should face trial over accusations they sought millions of euros in financing from the regime of the then Libyan leader, Muammar Gaddafi, for his ultimately victorious campaign.

Sarkozy, who has been embroiled in legal troubles since leaving office, is accused of corruption, illegal campaign financing and concealing the embezzlement of public funds, the prosecutors said in a statement. He has always rejected the charges.

The prosecutors’ call for a trial is not the final decision on whether the process will go ahead, with investigating magistrates having the last word on a case that has been open since 2013.

Among the others facing trial in the case are heavyweights such as Sarkozy’s former righthand man Claude Guéant; his then head of campaign financing, Éric Woerth; and the former minister Brice Hortefeux.

The rightwing Sarkozy, who won the 2007 elections but then lost in 2012 to the Socialist party’s François Hollande, has been convicted twice in separate cases since leaving office.

The ex-president will on 17 May hear the decision of the court of appeal in a case of wiretapping, in which he was sentenced at first instance to three years in prison – two of them suspended – for corruption and influence-peddling.

He will be retried from November 2023 on appeal in the so-called Bygmalion case, in which he was sentenced to one year in prison at first instance.

Even if the sentences are confirmed, he is not expected to serve any time in prison in those cases. He has always rejected all the charges.

Despite the legal problems, the man who styled himself as the “hyper-president” while in office still enjoys considerable influence and popularity on the right of French politics.

Adapted from The Guardian

The investment team in renewable energies discusses the readiness of the electrical network to receive renewable energy

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The Prime Minister’s investment team in renewable energies discussed, today, Thursday, during a workshop to assess the Libyan state’s strategy for renewable energies, the readiness of the electric grid to receive renewable energy, investment tools and opportunities in this field, the energy transmission lines program to southern Europe, and legal models for investment in Renewable energy.

The head of the investment team in renewable energies, advisor to the governor of the Central Bank, Mustafa Al-Manea, confirmed that the government, with the help of international houses of expertise and partnerships with foreign investors, has taken actual steps to implement its strategy, aiming to provide the country’s electricity needs and export to southern European countries.

A member of the team, Minister of State for Cabinet Affairs, Adel Jumaa, explained that the strategy of the national unity government also aims to keep pace with international requirements to get rid of carbon emissions and provide a clean environment.

The Director of the Sovereign Sector Oversight Department at the State Audit Bureau, Ridha Qarqab, stressed the Bureau’s keenness on the quality management of state resources in areas that contribute to diversifying sources of income, including investing in renewable energies according to transparent and accountable mechanisms.

During the workshop, the head of the Libyan Investment Authority, Ali Mahmoud, confirmed his institution’s keenness to keep pace with this strategy, adding that the available investment opportunity would be beneficial for the institution and the Libyan state.

The workshop was attended by ministers, agents and directors of investment companies, and representatives of the Central Bank of Libya, the Audit Bureau, the Electricity Company and the Renewable Energy Authority.

Shakshak is discussing with the USAID the field of institutional development and control measures over the oil and investment sector

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The President of the State Audit Bureau, Khaled Shakshak, discussed today, Wednesday, during a meeting with the advisor to the President of the United States Agency for Development, Clinton White, plans to develop the Bureau in the partnership project with the Agency in the areas of institutional and professional building, the most important of which are the strategic plan, human resources systems, supervisory work guides and transformation Digital and professional certifications.

Shakshak explained the future needs to raise the efficiency of auditors in a number of specialized fields, foremost of which is the control of extractive industries and investment, stressing the importance of continuing support through exemplary practical tasks under the supervision of specialized experts.

For his part, Clinton stressed the importance of the Bureau’s role in promoting accountability and transparency, and the desire to advance the Bureau’s efforts towards meeting the requirements of INTOSAI.

The two sides expressed their willingness to enhance cooperation between them, through meetings and periodic meetings between their respective teams, to translate them into specific projects.