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Litigation Department wins an arbitration case in which the Korean Shinhan Financial Group claimed compensation of more than 660 million dinars

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Yesterday, Wednesday, the Libyan Litigation Department announced that the External Disputes Department headed by Counselor Ahmed Bazama won the arbitration case filed by the Korean Shinhan Financial Group against the Libyan state, in which it demanded compensation of more than 660 million dinars.

The Litigation Department stated that the Korean Group demanded compensation of more than 660 million Libyan dinars, with interest due until the date of full payment and compensation for all legal expenses incurred in the arbitration case, after claiming a breach by the Libyan parties contracting with it. On the implementation of 4 projects related to contracts for the construction of residential buildings in the cities of Zliten, Tripoli and Zawiya.

It added that the arbitral tribunal ruled to reject all the claims of the plaintiff company and oblige it to pay the arbitration costs incurred by the State of Libya within 60 days from the date of notification of this final ruling, and to pay the Libyan State an amount of one million and 267 thousand pounds sterling for attorney’s fees, experts’ costs and witnesses incurred by the State of Libya in the arbitration.

General Electricity Company announces arrival of 27 power stations to its warehouses

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The General Electricity Company has announced the arrival of 27 power stations, ranging in size from 500 to 1000 kilovolt amperes, supplied by the Electric Industriesto its main warehouses. These power stations were supplied by the Electric Industries Company and are ready to be used to improve the distribution network’s voltage, address congestion problems, and increase loads.

The company’s management board has been working continuously to meet the increasing demand for electricity and overcome all the congestion and interruptions that may occur in some areas due to the increase in loads. The arrival of these ready-made power stations is a crucial step in ensuring the continuity of electricity supply to all citizens.

The General Electricity Company emphasized the importance of providing the necessary resources to improve the distribution network and meet the growing demand for electricity. This effort is essential to ensure that all citizens have access to reliable and uninterrupted electricity supply.

Ministry of Finance publishes a report on revenues and spending of the 1st quarter of 2023

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On April 18, 2023, the Ministry of Finance in the Government of National Unity published its report on revenues and spending during the first quarter of the current year, 2023. The report indicated that the total revenue during this period reached 26.1 billion dinars, while the total spending amounted to 18.1 billion dinars, resulting in a surplus of over 8 billion dinars.

According to the report, the total state revenue during the first quarter of this year was 26.131 billion dinars, of which over 97% came from oil revenues worth 25.5 billion dinars, while other sovereign revenues amounted to 512 million dinars, in addition to 117 million dinars carried over from previous years.

The report also stated that government spending during the same period reached 18.113 billion dinars, of which 13.2 billion dinars were allocated for salaries, 3.2 billion dinars for support, 904 million dinars for operational expenses, and 750 million dinars for development.

During his meeting with a number of livestock suppliers, Abdulhamid Dbeibeh issued instructions to the National Animal Health Authority to open yards for suppliers and facilitate procedures by the Central Bank

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The Prime Minister of the National Unity Government, Abdulhamid Dbeibeh, met with a number of livestock and meat suppliers in various regions of Libya to discuss the measures taken to supply livestock in preparation for Eid al-Adha.

The suppliers requested the opening of several yards in coordination with the National Animal Health Authority, as well as the facilitation of banking procedures to open documentary credits for breeders. They pointed to a number of measures taken by the Central Bank of Libya that have contributed to stabilizing the work of suppliers.

At the end of the meeting, the Prime Minister issued instructions to the National Animal Health Authority to facilitate procedures for suppliers by opening new yards after meeting health requirements and coordinating with the Central Bank of Libya to facilitate procedures during the upcoming period.

Bashagha issues instructions to liquidate the financial value for implementing the plans of the ministries, allocate the value of the contracts of the emergency room in the city of Al-Marj, and liquidate the value of the contracted projects for the maintenance of the Boutraba station

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The Libyan Prime Minister, Fathi Bashagha, held a meeting today in the city of Sirte with the Deputy Prime Minister, Ali Al-Qatrani, and the Minister of State for Legislative Affairs, Mohamed Abuzeqia.

The meeting discussed several topics related to the work of the government and how to launch national development projects throughout Libya.

Bashagha issued several decisions, including the allocation and facilitation of the financial value for implementing the plans and work of the ministries, as well as the allocation and facilitation of the value of the contracts of the emergency room and rapid response in the city of Al-Marj, in addition to allocating and facilitating the value of the contracted projects for the maintenance of the Boutraba station to solve the water crisis.

Guterres: “The presence of two governments in Libya impedes the process of reunifying the Central Bank”

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The Secretary-General of the United Nations, Antonio Guterres, stated in his first report for the year 2023 on Libya, presented to the Security Council and issued during the current month of April, that the division within the executive authority in Libya hinders the process of reunifying the branches of the Libyan Central Bank.

Guterres added in his report that despite the stagnation in the process of unifying the Central Bank, the new deputy governor, Mouray El-Baraasi, who was chosen by the parliament as the governor of the Central Bank of Libya in Benghazi, has resumed technical cooperation and coordination with officials of the Central Bank in Tripoli.

The Secretary-General of the United Nations pointed out that the Government of National Unity has allocated unused development funds from last year worth $3.5 billion, despite objections by the Speaker of the House of Representatives, Aqila Saleh, and the Libyan Prime Minister, Fathi Bashagha, on the grounds of non-approval of the budget by parliament.

In conclusion, Guterres confirmed that the United Nations will continue to support the path led by Libyans to reach the elections and achieve sustainable peace and stability, stressing that there is no alternative to the elections to meet the aspirations of the Libyan people to live in peace and choose their leaders through the ballot boxes.

Shakshak follows the mechanism for preparing the annual report for 2022

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Yesterday, Wednesday, the head of the Libyan Audit Bureau, Khaled Shakshak, during a meeting with the deputy, Ala Al-Messalati, and the directors of the general departments and technical offices, followed up on the preparation of the annual report for the year 2022 according to the specified schedule.

During the meeting, the technical departments reviewed the supervisory tasks for 2022, and the formal framework that the annual report should adhere to.

Shakshak emphasized the need to adhere to the approved operational plan, and to complete the work within the specified period with high quality, while also committing to the principle of disclosure and transparency with the entities subject to Audit Bureau’s supervision.

The Audit Bureau’s deputy, Al-Messalati, stressed the need to focus most of the work on preparing the material for the annual report, and to discuss with the entities subject to supervision regarding the observations that are being recorded, according to a specific timetable to avoid any delays.

Dbeibeh emphasizes the need to develop the tax system in the country and implement systems that contribute to the quality and organization of work

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The Prime Minister of the National Unity Government, Abdul Hamid Dbeibeh, followed up on the activity of the tax department and its plan for the current year 2023 during an inspection visit, accompanied by the Minister of Economy and Trade, Mohamed Al-Hawij, and he was received by the Minister of Finance, Khaled Al-Mabrouk and the Deputy Head of the department Omar Al-Zarouk and a number of department directors and offices.

A number of files related to the work of the department were discussed during the extended meeting held by the Prime Minister with the department directors, offices, and sections, most notably the automation of the department and its branches to eliminate forgery and delays in the nature of work, and the extent of the success of the 2023 plan in increasing general revenues and supporting the efforts of the department to prevent tax evasion.

Dbeibeh emphasized the need to develop the tax system in the country and implement systems that contribute to the quality and organization of work.

Dbeibeh issued his instructions to coordinate between the Ministries of Economy and Finance and the Central Bank of Libya to discuss a number of exemptions granted to support and stand with certain activities.

Al-Huwaij stresses the need to develop a strategy that finances small projects through banking and non-banking financing tools

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The Minister of Economy and Trade in the Government of National Unity, Mohamed Al-Huwaij, discussed with the ministry’s deputies for economic affairs and free zones, the chairman of the board of the General Authority for Investment Promotion and Privatization Affairs, the general director of the National Program for Small and Medium Enterprises, and the general director of the Credit Guarantee Fund, the obstacles and difficulties facing small and medium-sized projects in different regions, and the latest developments in the adoption of the project stock exchange by the Council of Ministers.

During the meeting, the attendees reviewed a number of proposals to develop the performance of branches and offices affiliated with the National Program for Small and Medium Enterprises, in cooperation with the Credit Guarantee Fund, in supporting and activating micro-projects and contributing to the development of remote areas.

Al-Huwaij emphasized the need to develop a strategy that finances small projects through banking and non-banking financing tools, directing the General Authority for Investment Promotion and Privatization Affairs to identify the approved investment projects that have not yet started operating, and prioritize the adoption of investment projects for the development of the southern region, in addition to projects for the construction of refineries for petroleum products.

Directors of the legal, corporate, and trademark departments at the ministry attended the meeting.

Al-Huwaij stresses on enhancing the supervision in the local market

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The Minister of Economy and Trade in the National Unity Government, Mohamed Al-Huwaij, on Wednesday, during a meeting that included the directors of the Foreign Trade, International Cooperation, Internal Trade, Inspection, Consumer Protection, Legal Office, and Administrative and Financial Affairs departments, reviewed the conditions of the local market and the flow of goods and services.

The attendees reviewed the fieldwork reports of the Internal Trade Department’s team regarding the prices and availability of food and meat products in the local market. During the meeting, the operations of supply and export through ports and land crossings were discussed, as well as ways to enhance cooperation with the General Customs Authority and the Municipal Guard.

Al-Huwaij stressed on strengthening the follow-up of the flow of goods and services and monitoring their prices in commercial markets and working according to the adopted mechanism in cooperation with the regulatory and supervisory bodies to achieve stability in the local market.