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In the presence of a team from the IMF, officials from the Central Bank of Libya, ministries, and Libyan institutions held their third meeting in the Tunisian capital

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Officials from the Central Bank of Libya, the Ministries of Finance, Economy, Planning, Labor, and Rehabilitation of the Government of National Unity, as well as representatives from the Libyan Audit Bureau and the National Oil Corporation, held the third meeting of consultations under Article 4 of the International Monetary Fund agreement with the Central Bank of Libya, Libyan ministries, and institutions.

The meeting, which was held in the Tunisian capital in the presence of a team from the International Monetary Fund, was dedicated to discussing the support of the efforts made by the Government of National Unity, the National Oil Corporation, and the Central Bank to increase production, exports, and the development of the oil sector, as well as discussing trade and economic policies and the Ministry of Economy’s vision for the coming years.

Shakshak confirms, during his meeting with a delegation from the World Bank experts, the support of the Libyan Audit Bureau for the public finance development project in Libya

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The head of the Libyan Audit Bureau, Khaled Shakshak, and the bureau’s deputy, Ala Al-Messalati, met with a delegation of World Bank experts led by Winston Percy, an expert in public finance management. The meeting was part of the experts’ visit to several Libyan institutions to introduce them to the stages of the public finance development project in Libya.

During the meeting, Shakshak emphasized the importance of the public finance reform project for the nature of the bureau’s work towards enhancing the fight against corruption and increasing transparency. He also noted the bureau’s support for such projects. The international expert discussed the benefits and technical aspects provided by the project for the bureau’s work, such as the ability to conduct remote auditing work directly and obtain more accurate data and information.

Furthermore, the deputy of the bureau, Ala Al-Messalati, discussed the bureau’s digital transformation stages and the readiness of such projects. He also mentioned the start of direct connections with some institutions and several systems that have been prepared to facilitate auditing operations.

Dbeibeh follows up with Shakshak and Al-Mabrouk on organizing the file of retired military personnel in the military institution

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The head of the National Unity Government, Abdul Hamid Dbeibeh followed up on Sunday during a meeting with the head of the Audit Bureau, Khaled Shakshak, the Minister of Finance, Khaled Al-Mabrouk, and the Chief of Staff, Mohamed Al-Haded, on organizing the file of retired military personnel in the military institution, and reviewing the procedures adopted by the Ministry of Finance and the Social Security Fund to settle the conditions of retirees.

During the meeting, the supply and provisioning management were tasked with presenting their general vision for the provision and supply item to organize it.

The meeting was attended by the military prosecutor, Masoud Rahouma, the advisor to the governor of the central bank, Mustafa Al-Manaa, and a number of departments of the Ministry of Defense and military area commanders.

Dbeibeh stresses the need to support the private sector at all levels to contribute to enhancing the efficiency of the national economy and supporting it

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The head of the Government of National Unity, Abdul Hamid Dbeibeh, participated on Saturday in the National Theater in Zliten in the activities of the first forum for Libyan businessmen and industrialists organized by the Chamber of Commerce, Industry and Agriculture in cooperation with the municipality, in the presence of the Governor of the Central Bank of Libya, Seddiq Al-Kabeer, the President of the Audit Bureau, Khaled Shakshak, and the Ministers of Economy, Trade, Industry and Minerals, Transportation, as well as the Chairman of the National Council for Economic and Social Development and the Chairman of the Chamber of Commerce, Industry and Agriculture.

During the forum, a number of files were discussed that would help organize the sector to play its role in Libya, as the main source for the public sector.

Dbeibeh stressed the need to support the private sector at all levels to contribute to enhancing the efficiency of the national economy and supporting it. He emphasized, during his interventions, the importance of complying with the government’s decisions related to providing basic commodities during Ramadan, and not speculating on prices and squeezing Libyans.

For his part, Al-Kabeer confirmed in his speech the readiness of the Central Bank to cooperate with the government to support the sector and facilitate procedures for their success, with the necessity of taking into account some of the international restrictions that our country is experiencing, to ensure stability and support a number of programs that support the private sector.

The forum was also attended by a number of agents and a group of businessmen and industrialists from various Libyan cities.

Al-Meshri discusses with the Special Envoy of the French President the briefing of Bathily before the Security Council session

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Khaled Al-Meshri discussed with the special envoy of the French president to Libya Paul Soler and the Ambassador of the Republic of France to Libya, Mustafa Meharaj, the briefing of the UN envoy to Libya before the Security Council, in addition to the recent developments related to the political process in Libya, including the constitutional amendment.

Al-Meshri confirmed his support for any clear efforts that lead to holding elections on sound constitutional and legal grounds that meet the aspirations of the Libyan people.

The French side, for its part, discussed the efforts made by the State Council and the House of Representatives and the agreements resulting from them, the latest of which was the adoption of the constitutional amendment, emphasizing France’s support for Libya until it reaches the stage of stability.

Ministry of Finance confirms payment of March salaries and wife and children allowance before Ramadan

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The spokesperson for the Ministry of Finance in the Government of National Unity and head of the ministry’s media team, Faissal Al-Hamali, confirmed in a statement today, Wednesday, that the ministry will pay the salaries for the month of March to all state employees before the start of Ramadan, and April salaries will also be paid before the Eid al-Fitr holiday.

Al-Hamali added that the Ministry of Finance has transferred the financial allocations for the wife and daughters allowance above the age of eighteen and the children’s allowance for the months of (1, 2, and 3) of the current year 2023 to the Central Bank of Libya, confirming that the allowance will be in the beneficiaries’ accounts before the holy month of Ramadan.

He pointed out that the ministry is working on paying the salaries for the month of March according to the unified salary schedule for all sectors that have completed their data verification.

Exclusive: Central Bank’s Banking and Monetary Supervision Department reveals its report on approved bank requests to purchase foreign exchange in the public sector

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The Central Bank of Libya’s Banking and Monetary Supervision Department revealed its report to our source, today Wednesday, stating that 23 public sector companies had been granted approval for their requests to obtain foreign exchange to cover documentary credits and other transfers. Requests by banks to purchase foreign currency from the public sector ranked first, with the Social Solidarity Fund for Supplying Cars for People with Disabilities being the top applicant, representing 26.3% of the total requests, during the period from January 1st to February 28th, 2023.

The report also noted that Libyan mobile phone company, Libyana, ranked second in terms of the relative importance of foreign currency demands, accounting for about 25.0% of the total requests. Requests to cover the importation of production and operational supplies ranked third, at 22.5%.

The Banking and Monetary Supervision Department at the Central Bank reveals its report on accepted requests from private sector banks to purchase foreign exchange

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Our source from the Banking and Monetary Supervision Department at the Central Bank of Libya revealed that the administration’s report stated that the number of companies and factories from the private sector whose requests to purchase foreign exchange were accepted reached 806 companies. These requests were approved to obtain foreign exchange to cover documentary credits and other transfers, distributed among 769 companies and 37 factories, during the period from 1-1 until 28-2-2023.

The Banking Supervision Administration explained that the banks’ requests to purchase foreign exchange from the private sector accounted for 13.1% of the total purchase requests during the period, ranking first in terms of importing production and operation supplies. Meanwhile, requests to cover the import of materials for the industry’s supplies ranked second in relative importance, representing about 5.4%.

The Banking and Monetary Supervision Department added that requests to cover the import of hard wheat and iron accounted for 4.0% of the total.

Central Bank’s Banking and Monetary Supervision Department reveals $3 Billion foreign exchange usage by banks in early 2023

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In a special statement to our source today, Wednesday, the banking supervision department of the Central Bank of Libya revealed that the total usage of foreign exchange during the period from January 1 to February 28, 2023, amounted to more than $3 billion, compared to $2 billion during the same period last year 2022, an increase of approximately $402 million or 15.0%.

The Banking and Monetary Supervision Department explained that documentary credits accounted for 56.3% of the total usage of foreign currency by banks, while personal purposes accounted for 42.4% of the total. Meanwhile, transfers only accounted for 1.3% of total usage.

It stated that the number of companies, factories, public entities, and other beneficiaries to obtain foreign currency was 855, as part of the accepted bank requests to cover documentary credits and transfers, excluding personal purposes. The number of requests was 2400, and most of these requests for covering documentary credits recorded 2099 requests, or 87.5%.

Bashagha forms a committee to monitor commodity prices in the local market

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The Libyan Prime Minister, Fathi Bashagha, in his capacity as Minister of Economy and Trade appointed by the government, issued a decision to form a committee chaired by Jumaa Al-Raqass responsible for monitoring commodity prices in the local market.

The decision stipulates that the committee will monitor prices weekly, monthly, and annually, prepare indices of increases and decreases, compare them with prices of previous years, and analyze the reasons for the increase or decrease for each commodity separately.

Bashagha emphasized the importance of the committee presenting a detailed report every two weeks, explaining the reasons for price changes, and also mentioned the provision of a financial reward for the chairman and members of the committee.