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Author: LS

The Libyan market is witnessing a remarkable improvement in these products

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The price of dairy products in Libya reached 366,736 tons and is expected to develop at an annual growth rate of 3.3% and reach 508.469 tons by the end of 2032.

The industrialization led to the increase of the disposable income of the population, as consumers are looking for premium products in addition to high-quality products. The Libyan market for dairy products is expected to grow in the coming years.

On the other hand, there are some challenges that limit the progress of the Libyan market. For example, Libya has recently witnessed high inflation rates due to several factors and dependence on imports for basic commodities and the disparity in commodity prices and thus dairy product manufacturers need to deal with these problems carefully to keep them in the market.

The dairy products market in Libya is currently valued at 588.9 million dollars and is expected to achieve an annual growth rate of 4% during 2022-2032 as the modern trade category is currently valued at 110.7 million dollars and cheese usage in Libya is expected to reach 32,191 tons. It is also expected to rise by 3.6% at an annual growth rate. Depending on the type of product, the milk and cream segment is currently held at 308,466 tons and is expected to expand at a compound annual growth rate of 3.2%.

The Libyan dairy market is highly dependent on imports and as a result, dairy product manufacturers around the world can take advantage of this opportunity by establishing their footprint in the country and offering high quality dairy products as the milk and cream sector retains the majority of the market share as it is considered an everyday commodity, although the sector has the highest growth potential.

Adapted from GlobeNewswire

Al Kabeer participates in the meeting of the 47th session of the Council of Governors of Central Banks and Arab Monetary Institutions

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Today, Sunday, the Governor of the Central Bank of Libya, Seddik Al-Kabeer, participated in the 47th session of the Council of Governors of Central Banks and Arab Monetary Institutions, which is being held under the patronage of the Custodian of the Two Holy Mosques King, Salman bin Abdulaziz Al Saud.

The meeting discussed the global inflationary wave and its repercussions on monetary policy in the Arab countries, and the risks of repercussions of climate changes on the financial sector and banking services.

Al-Huwaij discusses with the Deputy Director of Programs at Expertise France the latest developments in the implementation of the European program to support the private sector

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On Sunday, the Minister of Economy and Trade, Mohamed Al-Huwaij, met with the Deputy Director of Programs at Expertise France to search for updates on the implementation of the European program to support the private sector, and to discuss what has been achieved in eJraat platform, as well as the Libyan-European Trade Platform, and the project of the Libyan Economic Competitiveness Indicators Matrix.

Al-Huwaij stressed that such projects will have an effective role in improving the Libyan business environment, and the Libyan economic diversification, as the stage of development contributes significantly to raising growth rates that will achieve financial sustainability.

The liquidity team of the Central Bank reveals the arrival of 17 million to Kufra

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The liquidity team of the Central Bank of Libya revealed exclusively that at these moments, a liquidity shipment worth 17 million dinars coming from Tripoli, arrived at Kufra Airport, as part of the Central Bank of Libya’s plan to provide liquidity in all branches of commercial banks.

8 million were allocated to the branches of Jumhouria Bank, 5 million to Wahda Bank, and 4 million to North Africa Bank. The liquidity team is working to transfer additional liquidity shipments to bank branches in the eastern region.

Al-Toumi discusses ways of cooperation and exchange of experiences with the Algerian Minister of Interior

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The Minister of Local Government and the Minister of Interior in charge of the Government of National Unity, Badr Eddine Al-Toumi, met with the Algerian Minister of Interior, Local Authorities and Urban Development, Ibrahim Mourad.

During this meeting, several files of common interest were discussed, including cooperation and exchange of experiences in the field of local administration, and benefiting from the experiences of the two countries in activating the system of decentralization and local development.

Financial Transparency Report 2022: Libya does not meet the minimum standards of international transparency

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A report issued by the US State Department revealed that Libya is among the list of countries that do not meet the minimum standards of financial transparency, according to an evaluation that included the year 2021.

The report attributed the lack of financial transparency in Libya to the persistence of internal political divisions, which prevented the government from implementing regular budget operations, which negatively affected public financial transparency and state operations.

In the reporting period, the government did not publish an executive budget proposal or any budget summary that was enacted within a reasonable time, only a year-end budget implementation report was made available on the Internet, so limited information on debt obligations, including debt of state-owned enterprises, as the budget included only profits and financial allocations for one state-owned enterprise. Thus, the available documents lack sufficient details.

In addition, audit reports of large state-owned enterprises and information on expenditures to support executive offices were not publicly available, and military and intelligence budgets were not subject to civilian oversight.

Libya has not yet fully used internationally accepted accounting principles. The supreme audit institution did not meet international standards for independence. Though it reviewed some government accounts, no public reports were made available within a reasonable time.

In accordance with the law, the government follows the standards and procedures for granting contracts and licenses to extract natural resources, but the information available on this subject is general.

In a related context, the Sovereign Wealth Fund did not reveal its source of funding or its general approach to withdrawals, but only published that Libya’s financial transparency would be improved by publishing a proposal for an executive budget and a planned budget within a reasonable period and by disclosing in budget documents debt obligations, including debts of state-owned enterprises, publishing expenditures to support executive offices, subject military and intelligence budgets to general civilian oversight, and ensuring that the SAI meets international standards for independence. The fund also indicated that military and intelligence budgets would be subjected to more civilian oversight. Based on internationally accepted accounting principles, it also revealed that the reports of higher audit institutions on the budget implemented by the government and state-owned enterprises will be made available within a reasonable period, in order to ensure the source of funding for the sovereign wealth fund and its general approach to withdrawals.

Al-Huwaij supervises the signing of an agreement between the Insurance Supervisory Authority and the National Council for Economic Development to launch the insurance sector development strategy

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On Wednesday, the Minister of Economy and Trade, Mohamed Al-Huwaij, supervised the signing of a mutual cooperation agreement between the Insurance Supervisory Authority and the National Council for Economic Development in a ceremony held to launch the comprehensive strategy that revolves around setting basic controls and standards for the development of the insurance sector in Libya.

Al-Huwaij stressed the importance of the insurance sector as it is considered one of the most important activities that would improve the economic conditions, pointing to the need to develop an appropriate strategic work mechanism to create a modern insurance sector, which contributes to enhancing transparency and modernizing legal and regulatory frameworks because of their significant impact on the development of other sectors. 

The celebration was attended by the Chairman of the Administrative Control Authority, the Director General of the National Council for Economic Development, the Director General of the Insurance Supervisory Authority, and the Secretary General of the Libyan Federation of Insurance Companies.

The Algerian President sends an invitation to Al-Manfi to participate in the upcoming Arab League Summit in Algeria

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Today, Thursday, the President of the Presidential Council, Mohamed Al-Manfi, held a meeting in Tripoli with the Algerian Special Envoy of the President of Algeria, Ibrahim Murad, in the presence of the designated Minister of Interior, the Minister of Local Government Badr El-Din Toumi, and the Algerian Ambassador to Libya, Suleiman Shannin.

The Special Envoy handed Al-Manfi a written message from Algerian President Abdel Madjid Tebboune, which included the president’s invitation to participate in the upcoming Arab League Summit in Algeria at the beginning of next November, as well as affirming Algeria’s keenness to strengthen bilateral cooperation frameworks between the two countries.

For his part, Al-Manfi welcomed the invitation addressed to him, expressing the aspiration of the Presidential Council to work with Algeria to ensure the success of the Arab summit in promoting joint Arab work.

The Public Prosecution orders the imprisonment of the Director of the Tax Department in Tripoli

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The Anti-Corruption Prosecution of the Tripoli Court of Appeals considered the incidents of the communication submitted to it against the Director of the Tax Department in Tripoli.

It also examined the reality of his contribution to the crime of obtaining illegal material benefits, estimated at 250.000 dinars from the tax authority treasury, with the use of forged bank instruments to cover the documentary cycle.

The preliminary investigation revealed the validity of the acts attributed to the accused. Thus, the investigator ended up ordering his pretrial detention pending investigation.

Dbeibeh and Al-Kabeer discuss the observations of the Central Bank’s monthly report regarding the decline in the revenues of some government authorities

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Today, Wednesday, Prime Minister Abdul Hamid Dbeibeh and the Governor of the Central Bank of Libya, Seddiq Al-Kabir, held a meeting in the governor’s office to discuss government spending, increasing transparency in all government expenditures, and the observations of the Central Bank of Libya’s monthly report regarding the decline in the revenues of some government agencies such as the telecommunications sector and customs.” 

It was agreed on the necessity of working to provide the necessary needs of the citizens, provided that they are referred to the Central Bank in accordance with the necessary technical and legal procedures, and taking into account the observations received from the technical departments of the bank.

The Prime Minister also confirmed that the government is working on cooperation with the regulatory authorities and the Central Bank, to provide basic services to citizens, as well as working on transparency of government expenditures, and providing the necessary data for the issuance of the monthly report from the bank explaining all the information.