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The head of the Fuel Crisis Committee, Belqacem, confirms that there is no fuel crisis in Tripoli, and reassures everyone that it is available in very normal quantities

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The head of the Fuel and Gas Crisis Committee, Bashir Belqacem, confirmed during a press conference today, Monday, that there is no fuel crisis in the capital, Tripoli, and reassures all citizens that fuel is available in very normal quantities, as well as the ships that unload fuel are in the port.

Bashir Belqacem explained that there is no justification for fear of the lack of fuel, but rather people must be reassured, stressing that the reserve is still there.

Belqacem added that if there is any shortage of fuel or any defect, it will be made clear to the people and inform them clearly.

Al-Huwaij: “The Ministry of Economy referred the Consumer Protection Law to the competent authorities”

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The Minister of Economy and Trade in the Government of National Unity, Mohamed Al-Huwaij, stressed during his meeting with the President of the Libyan Federation of Consumer Protection Associations, Ahmed Al-Kurdi, the need to pay attention to the consumer protection file, noting that the Ministry referred the Consumer Protection Law to the competent authorities and submitted a proposal regarding the establishment of a body to protect consumers. consumer.

During the meeting, which coincides with the International Day for Consumer Protection, Al-Huwaij warned of the importance of the role of the Libyan Federation of Consumer Protection Associations and law enforcement agencies to protect consumer rights and follow up on the local market, especially since we are on the verge of the month of Ramadan, stressing the need for cooperation between the competent departments of the ministry, the union and law enforcement agencies. and control for consumer protection.

It is noteworthy that the meeting was attended by the Director of the Inspection and Consumer Protection Department at the Ministry of Economy and Trade, Marai Al-Darsi, and a member of the Libyan Federation of Consumer Protection Associations, Mahmoud Ghumaid.

Brega Petroleum Marketing Company: “The company’s subsidiary stations will be open to the public 24 hours a day”

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Brega Petroleum Marketing Company revealed on its official Facebook page today, Saturday, that the company’s stations and some other stations belonging to the distribution companies will be open to the public around the clock and daily, and reassures citizens not to crowd.

The company confirmed that the warehouses that were monitored within the scope of their distribution, a movement of fuel congestion, due to the continued supply according to bottlenecks, with the availability of fuel in all the company’s warehouses and its flow from the source naturally through the sea ports and local refineries.

It renewed its call to the owners of gas stations that face difficulty in being supplied by subsidiaries, to go to supply directly from the company’s warehouses, in accordance with the directives of the national government and in implementation of its instructions in Circular No. 2 issued by it on 23/2/2023, provided that they are among the stations approved by it in the sales system. Central and according to the usual distribution quantities and rates in order to preserve the country’s national security.

Al-Kabeer concludes consultations with IMF in Tunisian Capital

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The Governor of the Central Bank of Libya, Seddiq Al-Kabeer, concluded consultations with the International Monetary Fund (IMF) on Friday in the Tunisian capital. The meeting was attended by representatives of the IMF, the President of the Audit Bureau, Ministers of Finance, of Planning, of Economy, of Trade, of Labor, and of Rehabilitation in the Government of National Unity, in addition to representatives from the National Oil Corporation.

According to the official website of the Central Bank, the IMF mission praised the development of the Central Bank of Libya’s systems and information platforms to reduce banking risks, increase transparency procedures, and implement anti-money laundering systems. The IMF noted that 2022 witnessed an improvement in macroeconomic indicators, and the stability of oil production and exchange rate policy contributed to the overall economic improvement.

The IMF mission emphasized the importance of diversifying sources of income and not relying solely on oil as a source of spending, and the need to implement reforms in the area of support, especially in fuel subsidies.

Al-Huwaij follows up on programs and projects of Libya Trade Network

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Minister of Economy and Trade in the National Unity Government, Mohamed Al-Huwaij, followed up on the implementation status of the programs and projects of Libya Trade Network during his meeting on Thursday with the Chairman of the Board of Directors of Libya Trade Network, Ahmed Al-Darwich.

The participants discussed the readiness of Libya Trade Network to launch the daily bulletin of the movement of prices of basic commodities in the local market, as well as the bulletin of currencies, metals, and global basic commodities and its weekly analytical readings.

The Chairman of the Board of Directors of the Network reviewed the procedures related to signing a joint cooperation agreement between the Network, the Ports and Maritime Transport Authority, and the Libyan Ports Company to facilitate trade operations and procedures through the ports.

The minister was briefed on the measures taken to resume work on the project of localizing the unified window for foreign trade, implemented by Korea Trade Network, and activating the training and capacity-building center in the field of trade affiliated with the Network.

Al-Huwaij affirmed the support of the Ministry of Economy and Trade for the Libya Trade Network and the adoption of all measures to support its projects.

Aoun: “Very concerned about the outcome of an irrational reaction due to oil price hikes, regarding the “NOPEC” bill proposed to the US Congress”

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Minister of Oil and Gas in the Government of National Unity, Mohamed Aoun stated on the official Facebook page of the Ministry regarding the implementation of the “NOPEC” bill proposed to the US Congress, and that he is very concerned about the outcome of an irrational reaction due to oil price hikes, which are not necessarily caused by producing countries or members of OPEC.

Aoun explained that analysis proved that the reasons for reduced investments or fear of a continued decline in production, as happened in 2007 when crude oil prices jumped to more than $140 per barrel, is due to a lack of spare production capacities resulting from not investing in production programs in producing countries and some OPEC organizations.

Aoun added that in his belief, if the OPEC law takes the executive form, chaos and dispersion will occur in oil production, investment, and consumption globally, and as a result, the oil industry will face problems that will disrupt stability and steadiness in oil markets and lead it to the unknown.

Aoun confirmed that OPEC and OPEC+ have been able to maintain the balance between supply and demand since 2016, and this organization was established in 1960 to try to balance the market between producers, consumers, and investors.

Aoun explained that oil prices were satisfactory for everyone, as evidenced by the performance of the oil and gas industry and its relationship with the global economy, and that stable oil prices are good for all parties and preserve the oil industry in all its forms, including traditional, heavy, and gas.

Finally, Aoun concluded his statement by saying that OPEC and OPEC+ do not aspire to monopolize in any form, and that there are many organizations, including the World Trade Organization, and all are a convergence of the interests of several countries, whether they are consumers, investors, or producers.

At least 2.5 Tonnes of Natural Uranium missing from Libyan site

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The International Atomic Energy Agency (IAEA) reported on Wednesday that around 2.5 tonnes of natural uranium were missing from a site in Libya. Rafael Grossi, the head of the UN nuclear agency, informed member states that during an inspection on Tuesday, it was discovered that 10 drums containing uranium ore concentrate were not present at the location as previously declared by Libya. The IAEA intends to conduct further investigations to determine the circumstances surrounding the disappearance of the nuclear material and its current location, though no details were provided about the site.

The inspection was originally scheduled for last year but was postponed due to security concerns in the area. Finally, it took place on Tuesday, according to a statement by Grossi. In 2003, Libya abandoned a program to develop nuclear weapons under former dictator Muammar Gaddafi. It obtained centrifuges capable of enriching uranium as well as design information for a nuclear bomb. The country has been in political turmoil since Gaddafi’s downfall in 2011, with various militia groups forming opposing alliances backed by foreign powers.

An interim government was placed in the country through a UN-backed peace plan in early 2021, but it was only intended to last until an election scheduled for December of that year, which has still not occurred, and its legitimacy is now in question.

Adapted from WIONews

Dbeibeh, Al-Kabeer and Shakshak follow the electricity company’s plan to face the summer peak

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Prime Minister Abdul Hamid Dbeibeh followed, during a meeting on Thursday at the Audit Bureau with the Governor of the Central Bank of Libya, Seddiq Al-Kabeer, the head of the Audit Bureau, Khaled Shakshak, and the chairman of the General Electricity Company, Mohamed Al-Mashai, the electricity company’s plan to face the summer peak, in the presence of the Minister of State for Council of Ministers’ Affairs and the Governor’s advisor.

Al-Mashai presented during the meeting the company’s plans for the current year, which included the completed work in the field of major overhauls, maintenance of transmission lines, and related technical procedures, to start work on building a station south of Tripoli that will produce about 1400 megawatts. He stressed the support of Dbeibeh by issuing decisions, allocating necessary amounts, and continuous follow-up of the plan, as well as the efforts of Shakshak and Al-Kabeer  in facilitating all projects related to the company’s stability.

The participants confirmed to continue the meetings to address any difficulties facing the electricity file, and to give it priority in the follow-up during the current period, praising the efforts of the company’s workers that have contributed to maintaining the company’s performance during the winter season.

Al-Mabrouk is discussing with a team from the World Bank aspects of joint cooperation between the two institutions, implementing technical programs with a number of sectors and state institutions

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The Minister of Finance of the Government of National Unity, Khaled Al-Mabrouk, discussed, on Tuesday, during a meeting with the Regional Director for Equitable Growth, Finance and Institutions in the Middle East and North Africa Region at the World Bank, Nader Mohamed and the Resident Representative of the World Bank in Libya, Henrith von Kaltenborn and the accompanying delegation of experts, aspects of joint cooperation between the two institutions and the role played by the bank in implementing technical cooperation programs with a number of sectors and state institutions.

During the meeting, Al-Mabrouk discussed ways to activate the role of the World Bank in supporting the Ministry to complete and continue its program aimed at public financial reforms, build the macroeconomic unit in the Ministry, implement the digital transformation program for the Ministry’s office, monitor financial services in municipalities, as well as provide advanced training and qualification programs for its employees.

Al-Fadhil: “The Central Bank governor should have talked about the possibility of reducing the exchange rate.. There is no sane person who says that the dinar should be exchanged for a dollar”

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The economic analyst Abdul Hamid Al-Fadhil stated during his hosting of the Flusna program on Monday, which is presented by the journalist, Ahmed Al-Sanussi, and broadcast on WTV and TAbadul TV platform, in response to the statement of the Governor of the Central Bank of Libya, Seddiq Al-Kabeer, at the Businessmen and Industrialists Libyan Forum, that what Al-Kabeer said was that he should have spoken that it is possible to reduce the value of the dinar again in any other crisis, explaining to Al-Kabeer: “No one told you that you are exchanging the dinar for a dollar. There is no sane person who says this. We only demanded one thing after the Libyan dinar was devalued in January 2021, and this was conditional on gradually increasing the value of the dinar, until a follow-up committee was formed for this matter during that period.”

Al-Fadhil explained that Al-Kabeer must go out and try to strengthen confidence in the currency by saying that the situation is good and it is possible to strengthen the strength of the Libyan dinar. As for what he said during the forum, everyone who owns a dinar from people who have millions will make them buy dollars, explaining That this will make the exchange rate as it is and that strengthening the dinar has become a thing of the past.

The economic analyst, Al-Fadhil, confirmed that with regard to Al-Kabeer’s support for the private sector in various fields, including industrial, commercial, and service, it is far from reality, and that its contribution to the gross domestic product, despite the lack of recent data, is very small, due to the poor management of commercial banks, as well as the lack of clear banking policy.

Al-Fadhil stressed that the fluctuation that occurred in the past years in the exchange rate in the banking sector cannot be supportive of any projects for the private sector, and that this confusion was a stumbling block in front of any diversification of income sources.

Al-Fadhil explained that what happened to the liquidity problem was a coincidence and was not planned, and the reason for the breakthrough is the adjustment of the exchange rate, adding that the money in commercial banks as deposits has not been exploited, and that some of the values that are given have not been given to any trader or private sector. Rather, it is based on giving it through relationships.

He also confirmed that the economic reports that the Central Bank publishes every month clarify the financial arrangements, and these are supposed to be issued by the Ministry of Finance, and not by the Central Bank, explaining that there is a conflict in the reports issued by the two sovereign sides in the country, the Central Bank and the Finance Ministry, and the report issued by it. Last year, the Central Bank clarified the uses of foreign exchange as a total of 28 billion and 500 million.

The economic analyst wondered about the reason for the existence of the obligations in the Central Bank’s report. These commitments amounted during last year’s report to 7 billion and 900 million, explaining that based on a report that is published by the Central Bank, there is a deficit of approximately 8 billion dollars, and this means that it was withdrawn from the reserves and that this on the ground does not exist, stressing that if the existing commitments transferred, there will be a surplus of $6 to $7 billion.

According to Al-Fadhil’s analysis, there are some countries that have a diversity of income sources and the value of their currency is weak, and there are some countries that are similar to Libya in terms of the source of income, such as Kuwait, Bahrain and Oman, and their currencies are strong. So what Al-Kabeer said regarding the diversity of income sources has nothing to do with strengthening the currency.

Al-Fadhil concluded during his statement on “Flusna” program by saying that the reason for the chaos that we see in monetary policies is the absence of a board of directors and a monetary policy committee, which is supposed to be present in the Central Bank, and which is considered to be present in all other banks in many countries. This committee is the one that studies how much the exchange rate, interest, and legal reserve will be, and the Monetary Policy Committee is the one that gives its signal to have specialized people in it.

Al-Fadhil concluded by asking about who are the Central Bank’s advisors now, stressing that the Central Bank and the Ministry of Finance should be managed by consultants.