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Tag: libya

Dbeibeh Discusses with the Islamic Call Society Ways to Enhance Transparency and Governance

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Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh, met with the new Board of Directors of the Islamic Call Society to discuss ways to enhance transparency and governance in the organization’s operations. He emphasized the need for all activities to be conducted with full transparency and in compliance with governance standards across all administrative and financial processes.

Dbeibeh stressed the importance of publicizing all activities and procedures to ensure oversight and accountability.

He also highlighted the necessity of cataloging all the organization’s assets and disclosing them, pointing out that this is crucial due to the financial challenges facing the organization and to ensure the optimal use of assets. Additionally, given the past instances of asset looting, the process of inventory and disclosure is a vital step to prevent the waste of public funds.

Dbeibeh Discusses with German Ambassador the Importance of Opening Direct Flights Between the Two Countries

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Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh, met with the new German ambassador to Libya, Ralph Tarraf, to discuss ways to enhance bilateral cooperation in the field of renewable energy and the importance of establishing direct flights between Libya and Germany.

The two sides also addressed the need to ease visa issuance to strengthen bilateral relations and facilitate the movement of people between the two countries.

Central Bank Reveals Foreign Currency Revenues and Expenditures Since the Start of the Year

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In its monthly report, the Central Bank of Libya disclosed that foreign currency revenues transferred to the Central Bank since the beginning of the year until the end of September amounted to 14.4 billion dollars, which includes 2.1 billion dollars in fees. The uses of foreign currency by the end of September 2024 totaled 18.2 billion dollars.

The Central Bank clarified that state uses of foreign currency through the bank amounted to 4.034 million dollars, while commercial banks utilized 14.194 million dollars, bringing the total foreign currency usage to 18.227 million dollars.

The monthly report also revealed a foreign currency deficit of 3.8 billion dollars.

Central Bank of Libya Unveils Spending and Revenue Figures for the Last 9 Months

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In its monthly report, the Central Bank of Libya disclosed the total revenues and expenditures for the period from January 1 to September 30 of the current year. Total revenue amounted to 72 billion dinars, while total spending reached 70.3 billion dinars.

The report also detailed the spending of the Government of National Unity’s Council of Ministers, which exceeded 1.922 billion dinars during the period from the beginning of January to the end of September. The House of Representatives’ spending reached 806.532 million dinars, while the Presidential Council spent more than 402.1 million dinars.

The National Oil Corporation Reveals Oil Production Rates Over the Past 24 Hours

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The National Oil Corporation has disclosed daily production rates, which amounted to more than 1.3 million barrels of crude oil and condensates, and 206.6 thousand barrels of gas equivalent, for a total of 1,539,799 barrels in the past 24 hours. The NOC clarified that this comes just days after the lifting of force majeure.

The NOC also confirmed that production rates will reach pre-shutdown levels in the coming days.

Ben Gdara Oversees Final Preparations for the Public Tender Round

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Today, Sunday, the Chairman of the National Oil Corporation (NOC), Farhat Ben Gdara, along with NOC members, the acting Minister of Oil and Gas of the Government of National Unity, Khalifa Abdulsadiq, and some of the board’s advisors, reviewed the final preparations for the upcoming public tender round during a meeting.

A detailed presentation was delivered by the team responsible for the preparations, showcasing the progress made in the tender program and clarifying the ongoing efforts to announce it in the coming period.

Earlier, a team of experts had been appointed to prepare for this round as part of the corporation’s strategy to boost production capacity.

Ben Gdara Discusses Strategy for Enhancing Oil Facility Performance with French Ambassador

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The Chairman of the National Oil Corporation, Farhat Ben Gdara, discussed various strategies aimed at improving and upgrading the performance of the NOC’s oil facilities during a meeting with the French Ambassador, Mustafa Mahraj. These strategies align with the corporation’s ambitions for growth.

The meeting also explored mechanisms for joint cooperation to achieve lasting stability and independence for Libya’s oil sector, which would lead to increased production levels.

Aguila Saleh Issues Decision to Reduce Foreign Exchange Rate by 7%

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The Speaker of the House of Representatives, Aguila Saleh, issued a decision on Sunday to adjust the fee imposed on the official exchange rate for foreign currencies, reducing it to 20% from 27% for all purposes. The decision also allows for further reductions depending on the state’s revenue conditions.

The second article of the decision states that the revenue generated from the tax fee will be used to cover developmental project expenses if necessary, or it may be added to the resources allocated by the Central Bank of Libya to repay public debt, in accordance with the House’s 2023 law, while considering the exemptions granted by the Speaker.

The UN Mission Welcomes the National Oil Corporation’s Lifting of Force Majeure on Production

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The United Nations Mission welcomed the announcement by the National Oil Corporation (NOC) on Thursday, lifting the state of force majeure on oil production. It emphasized the need for the revenues from this vital resource to be directed through the appropriate institutional framework, ultimately managed by the Central Bank of Libya.

The mission also stressed the importance of utilizing oil resources to achieve development and prosperity for the Libyan people and to ensure the country’s economic and financial stability.

Al-Menfi Urges Central Bank Governor and Deputy to Maintain Bank’s Technical Role, Avoid Political Involvement, and Respect Legal Authority of the Board of Directors

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During his meeting with the Governor of the Central Bank of Libya, Naji Issa, and his deputy, Marei Al-Barassi, the Head of the Presidential Council, Mohamed Al-Menfi, emphasized the importance of the Governor adhering to the Bank’s technical role, avoiding political involvement, and not exceeding the legal powers of the Board of Directors, particularly the board established by Resolution No. 22 issued by the Presidential Council, until a new board is formed in agreement on who has the authority to form it.

Al-Menfi also stressed the need to adhere to spending in accordance with the State Financial Law (1/12) exclusively for the first, second, and fourth chapters until agreement is reached on a unified budget law or temporary financial arrangements.