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Author: LS

Dadash to our source: “The value of salaries is considered significant from the state budget, which has contributed to an important increase in expenses”

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The banking expert, Fawzi Dadash, said in an exclusive statement to our source, on Tuesday, that the state budget is to some extent acceptable. The value of salaries from it is considered large, and this is what contributed to a significant increase in expenses.

Dadash explained that the balance sheet was distributed according to specialized committees, as it was spent in specific chapters, including salaries, fuel, subsidies, and some other balances, indicating that part of the budget was raised for some other items as a result of the settlement of dues during the beginning of the year that will be disbursed.

Dadash added that the value of the balance sheet that was achieved as revenues from some resources, mostly oil, amounted to 134 billion, while the opposite side, which is expenses, amounted to 127 billion and 500 million.

He concluded his speech by saying that the salary scale must be unified for all workers to ensure the application of transparency and fairness in distribution so that the employee and the simple citizen feel comfortable and satisfied.

An official at the Central Bank confirms to our source the agreement on a mechanism that guarantees banks the use of their balances with the Central Bank of Benghazi and the abolition of restrictions on clearing instruments

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An official at the Central Bank of Libya in Tripoli revealed today, Wednesday, to our source, that a treaty on a technical mechanism has been reached to ensure that commercial banks use their balances with the Central Bank in Benghazi in a smooth, regulated, and monthly manner.

The official explained that this mechanism will enable banks to upraise their balances with the Central Bank of Tripoli, and revoke the restrictions on clearing cheques, this allows the banking system to operate normally, and it will also enable banks to provide liquidity and foreign exchange.

The official pointed out that this step comes in line with the efforts of unification of the Central Bank’s work, noting that the Central Bank of Libya in Tripoli had taken the initiative, during the past two months, to transfer shipments of liquidity directly to the Issuance Department of the Bank of Libya in Benghazi.

Within the framework of coordination for the unification process, an important meeting was held today between the Central Administrations of Tripoli and Benghazi

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Our source at the Central Bank of Libya revealed, exclusively that today, Tuesday, December 27, a meeting was held with the Banking and Cash Control Department in Tripoli, in the presence of the work team specialized in the Banking Supervision and Research and Statistics Departments, to develop a road map and a work mechanism for the next stage and come up with recommendations and results that facilitate the development of Regulating banking and supervisory work, in addition to setting up the supervisory plan for the year 2023, in addition to discussing some issues related to the financial and economic situation of the state and the prospects for the year 2023, and shipments of liquidity coming from the Central Bank of Libya, Tripoli, arrived in the Benghazi branch within the framework of coordination between the two issuance departments to provide liquidity in all bank branches.

This is within the framework of coordination and cooperation between the departments of the Central Bank of Libya, Tripoli and Benghazi, starting work between the departments of the bank and discussing the unification of supervisory and regulatory procedures for the banking sector.

Al-Huwaij is discussing with a number of Tunisian business owners and companies a mechanism to enhance trade cooperation between the private sectors in the two countries

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The Minister of Economy and Trade of the Government of National Unity, Mohammed Al-Huwaij, discussed during his meeting today, Monday, with a number of business owners and Tunisian companies at the Ministry’s office in Tripoli, a mechanism to enhance trade cooperation between the private sectors in the two countries.

The meeting was devoted to discussing the problems and obstacles faced by Tunisian companies in the State of Libya and ways to solve them, the mechanism for enhancing trade cooperation between the private sector in the two countries and facilitating the procedures for registering Tunisian companies and commercial agencies, and the importance of registering trademarks of Tunisian companies and commercial activities with the Ministry of Economy and Trade in the State of Libya.

Al-Huwaij stressed that Libya is looking forward to strengthening relations with Tunisia in various fields and implementing a joint strategy for food and drug security in both countries, stressing the need to organize meetings and gatherings with ministries and agencies concerned with the transportation, housing, labor, energy and electricity sectors, in addition to the development fund and preparing recommendations and proposals for presentation to the Joint Libyan-Tunisian Higher Committee.

It is noteworthy that the meeting was attended by the President of the General Federation of Chambers of Commerce, Industry and Agriculture, Mohamed Al-Raidh, the Ambassador of Tunisia to Libya, Al-Asaad Al-Ajili, the President of the Tunisian Federation of Industry, Trade and Handicrafts, and the President of the Libyan-Tunisian Chamber, in addition to the directors of the Companies Department, the Ministry’s Trademarks Office, and the Commercial Attaché at the Tunisian Embassy. 

Al-Raeidh discusses with representatives of Tunisian contracting companies all matters related to integration and partnership between the companies of the two countries

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The President of the General Union of Chambers of Commerce, Industry and Agriculture, Mohamed Al-Raeidh, discussed today, Monday, during a meeting with a delegation of senior businessmen and owners of Tunisian contracting companies, headed by the President of the Tunisian Federation of Trade and Industry, Samir Majoul, all matters related to integration and partnership between Libyan and Tunisian companies.

The meeting dealt with the formation of a committee of competent authorities, with the participation of the Libyan and Tunisian federations, to work on limiting contracts concluded in the past with Tunisian companies and settling their status.

Al-Raeidh stressed to Tunisian businessmen the importance of seizing opportunities to deepen cooperation between the private sectors in the two countries, and to enhance integration and collaboration in the areas of the economy in general, and in the field of contracting and services in particular.

The meeting was attended by the Tunisian Ambassador, Asaad Al-Ajili, members of the embassy, a number of members of the General Union and a number of Libyan businessmen.

Bashagha discusses with the Ministry of Planning and Finance the proposal for the general budget for the year 2023

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The Libyan Prime Minister, Fathi Bashagha, discussed with the Minister of Planning and Finance in his government, Osama Hammad, during a meeting at the headquarters of the Council of Ministers in Sirte today, Sunday, the proposal for the state’s general budget for the year 2023.

The meeting dealt with the role of the oversight bodies and the readiness of the ministries and agencies affiliated with the Libyan government, and the submission of plans and proposals for the new year to the Ministry of Planning and Finance to include them in the draft general budget law in preparation for its discussion and approval by the House of Representatives.

Bashagha instructed the Ministry of Finance to follow up the financial performance of all institutions and agencies, close their final accounts, pay attention to the file of necessary services, direct spending and spending on citizen needs represented in food, medicine, electricity, health and education, and give them priority in the new year’s budget proposal.

An inspection tour of the Minister of Labor to a number of headquarters and factories to inspect the conditions of national and foreign workers

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Today, Sunday, the Minister of Labor and Rehabilitation of the Government of National Unity, Ali Al-Abed, carried out an inspection campaign on several headquarters, the conditions of national employment, employment rates, and foreign labor procedures, accompanied by the Undersecretary for Employment Affairs, Ali Dhaou, the Chairman of the Central Committee, the Director of the Inspection and Occupational Safety Department, and a number of personnel of Passport Investigation Department and Law Enforcement Department.

Al-Abed continued the occupational health and safety procedures followed in these factories, stressing the labor inspectors in all municipalities to inspect work sites, and the importance of regulating the local labor market.

These inspection visits come as part of the national campaign that was launched more than a month ago in all municipalities at the national level under the slogan of law enforcement and the return of life to the Libyan labor market.

The detection procedures for some samples will be stopped at Musaid border crossing

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One of the truck drivers revealed that the Food and Drug Control Office at Musaid border crossing with Egypt has stopped inspection procedures for samples of vegetables and fruits that are exported from Egypt since last Wednesday, December 21, without explaining the reasons for not implementing the procedures.

The driver, who refused to mention his name, indicated that this delay would cause damage to vegetables and fruits, not to mention the delay losses and the cause of an increase in the prices of vegetables and fruits in light of the huge rise in the markets.

Oil and Gas Ministry reveals its position on amending the proposed agreement between NOC and Eni

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Today, Thursday, the Ministry of Oil and Gas of the Government of National Unity revealed, in a statement, its position on the proposal submitted by the National Oil Corporation to amend the agreement concluded with Eni North Africa, the “Exploration and Production Sharing Agreement” for the Area “D” contract, in which it clarified that this agreement was concluded and became Effective in 2008, according to which the Libyan state’s share will be 60% and the partner’s share will be 40% for a period of ten years from the date of approval of the development plan that includes the LNG project.

During its statement, the ministry stressed the need not to prejudice the existing oil agreements, as they are agreements approved by the highest executive authority in Libya, and therefore entering into negotiations on amending or changing them is only after taking a number of steps and procedures, including the start of the National Oil Corporation by clarifying the partner’s requests for amendment and its justifications. It is accompanied by the opinion of the institution after it has conducted all the necessary procedures regarding it, and in the event that the institution obtains approval to conduct the negotiation, it shall undertake the negotiation procedures and present the results it has reached.

The Ministry of Oil indicated that the work does not exceed 40% for a period of twelve years from the date of entry into force of the agreement, as the share of the partner is reduced to 30%, and this is what the current status of the agreement should be after the passage of the stipulated period of time, and thus the current share of the partner is 30 %, which means that there is an actual increase in the share determined for the partner and there is no reduction in this share and that this increase may reach 8% over the share determined in the agreement to become 38% instead of 30%.

The Ministry of Oil clarified that what was reported regarding separating the prescribed percentage as a share of production from the recovery of capital costs does not agree, stressing that what was presented is an adjustment to production shares and not a recovery of capital costs, and that from the Ministry’s point of view, the share of 30% is a sufficient share and achieves profitability for to the partner.

The Ministry of Oil added that the full estimated cost of the exploration and production sharing project, which is estimated at about 27.960 billion Libyan dinars, according to what is presented in the National Oil Corporation’s plan for the development program 2023-2025, which is equivalent to 5.592 billion dollars, and this amount is considered a development work and will be shared. 50% equally between the National Oil Corporation and its partner.

The National Oil Corporation advanced regarding the amendment of the agreement is its estimate of the possibility of increasing the estimated cost of the project to more than 8 billion dollars, without an explanation or statement of the reasons that created this large difference in the estimated cost of the project, and it is important to know the cost for considerations related to the preparation of budgets and what will fall on the Libyan state in terms of Financial burdens to meet the cost of 50% of the cost of the project, i.e. 4 billion dollars, which will be borne by the Libyan state.

Wahiba Holding Group participates in the Export Gateway to Africa expo

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Wahiba Holding Group participated in the Export Gateway to Africa expo, which was held in Istanbul from the 17th to the 19th of December.

This participation is considered a new opportunity to open the doors for exporting the various products of the group to countries of the world, including African countries

The exposition was attended by the Undersecretary of the Ministry of Industry, Mustafa Al-Sumu, the Libyan Consul in Turkey, Salah El-Din Al-Kaseh, and the Executive Director of the Libyan Federation of Industry, Ali Naseer.