Libya’s oil reserves have ample resources to pay for reconstruction efforts, if its political disputes in the country can be resolved.
The political crisis in Libya is hampering efforts to repair the dilapidated and weak energy infrastructure in the country. Despite this, foreign companies including France’s TotalEnergies, Italy’s Eni and Britain’s Royal Dutch Shell are ready to invest billions of dollars in the field of oil and natural gas in Libya, as well as its potential for solar energy.
The Ministry of Finance of the Government of National Unity revealed in a statement published today, Friday, the volume of government spending during the past nine months of the current year 2022, which exceeded 70 billion dinars, compared to revenues of 79 billion and 356 million dinars, which represents a surplus of more than 9.3 billion dinars.
The ministry explained in its statement that the largest percentage of spending was on salaries, which exceeded 32 billion dinars in nine months, followed by the chapter of Support, which amounted to 15 billion dinars. As for operating expenses, it amounted to about 7 billion dinars, and more than 400 million dinars for development projects, in addition to 15 billion dinars as exceptional financial arrangements for the National Oil Corporation.
As for revenues, the ministry clarified that 97% of the state’s revenues this year came from oil revenues that exceeded 77.1 billion dinars, while other sovereign revenues did not exceed the amount of one billion and 347 million dinars, in addition to the amount of 834 million in the remaining account balances for previous years.
The Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh, today, Thursday, at the Cabinet Office, with the Senior Adviser to the British Ministry of Defense in North Africa and the Middle East, Lieutenant-General Joey, Martin Sampson, followed the technical cooperation between the two ministries of defense, and the need to activate a number of programs in the field of training and transfer of expertise by the United Kingdom.
According to what was reported by the Government Media Office, the meeting was attended by the British ambassador to Libya, the military attache of the embassy, and the technical team of the British Ministry of Defense.
The Minister of Industry and Minerals, Ahmed Buhisa, in the National Unity Government, discussed today, Wednesday, with the Minister of Oil and Gas, Mohamed Aoun, the most important points for the oil industries and how to localize them, in addition to agreeing to implement several steps that guarantee a positive return for the work of the two ministries in the National Unity Government.
According to what was stated by the media office of the ministry, these visits come within the reciprocal visits to discuss the mechanism of unifying efforts between the two ministries in order to promote joint work that serves the public interest.
The Governor of the Central Bank of Libya, Seddiq Al-Kabeer, launched today, Wednesday, an electronic system for reports and financial statements for banks operating in Libya. This system enables banks to automatically submit their data in a unified electronic format.
The electronic system provides a modern mechanism for collecting and displaying detailed data and information related to the banking sector, preparing monetary and banking reports and statistics, and following up on safety and financial stability indicators.
On Tuesday, the Minister of Social Affairs in the Government of National Unity, Wafa Al-Kilani, continued the disbursement of the wife and children grant and the delivery of Ifaa cards for the grant of the wife and daughters over the age of eight, in the presence of a general supervisor of the grant project and the presence of the Director of the Inspection and Follow-up Office.
Al-Kilani directed bank branches to put in place mechanisms to facilitate the delivery process even after official working hours and to organize the process to prevent confusion and crowding, noting that the process of issuing cards and delivery continues until there are no cards.
The banking expert, Omran Al-Shaibi, explained in a statement to our source regarding the reasons for the rise in the official dollar exchange rate in the Central Bank of Libya that the exchange rate of the dinar against foreign currencies is not linked to the dollar only, but to the International Monetary Fund’s Special Drawing Rights, which encompasses five currencies, the US dollar and the Euro, the Chinese renminbi, the Japanese yen, the British pound sterling and each currency has a certain percentage in this group.
He added that the increase in demand for any of these currencies, such as what is happening to the dollar these days as a result of raising the interest rate for US Treasury bonds, will lead to an increase in the exchange rate of the dollar against other currencies. “On the other hand, if we look at the prices of the euro and the pound sterling against the dinar, we will find that their exchange rate has become close to or even lower than the exchange rate of the dollar, because the exchange rate of the dinar is linked to this basket and not to the dollar.” He indicated that the exchange rate is expected to increase to 5.10 against the dollar in the coming months as the euro will fall below 90 US cents and the Sterling may fall to be the same price as the dollar.
The official dollar exchange rate at the Central Bank of Libya witnessed a significant increase, reaching more than 5.08 dinars per dollar, after it recorded at the beginning of this year a price of 4.60 dinars, while its price did not exceed at the beginning of the year 2021 about 4.46 dinars after the decision of the Central Bank’s board of directors was taken to amend the price from 1.40 to 4.48 on December, 16th, 2020.
The Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh, affirmed that his government aims to work for tourism in all its aspects to be an essential source of the national economy.
This came during his participation in the celebration of the World Tourism Day, organized by the Ministry of Tourism and Handicrafts, in the presence of a number of agents and national figures interested in tourism in the country.
Afriqiyah Airways has announced new quotes offering in early October to Tunisia and Istanbul, whereas, the trip from Tripoli and Misrata to Tunisia starts from 650 dinars back and forth, as well as the trip from Tripoli and Misrata to Istanbul, which starts from 1235 dinars back and forth.
This is in addition to the trip from Benghazi to Tunisia, which starts from 698 dinars, back and forth, as well as the trip from Benghazi to Istanbul, which starts from 984 dinars, back and forth.
The Minister of Oil and Gas, Mohamed Aoun, discussed today, Tuesday, with The Ambassador of the Tunisian Republic of Libya, Al-Asaad Ajili, and his accompanying delegation, areas of cooperation with Tunisian companies and their return to work in the oil and gas sector
Aoun emphasized the holding of these meetings on the Libyan ground and the state’s ability, with its experience in the field of exploration and production to provide technical and legal assistance to Tunisia and the depth of brotherly relations between the two countries.
The meeting concluded with Aoun talking about the importance of Tunisia for the various activities of oil companies that run naval operations and their role in embracing many of the supply rules to these operations.
