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Author: Amira Cherni

Africa Intelligence: Washington Retracts Financial Aid to Libya, Here’s Why

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The French intelligence site Africa Intelligence reported on Friday that Washington is retracting its financial aid to several countries, including Libya.

The site confirmed that with the dismantling of the U.S. Agency for International Development (USAID), the United States has effectively torn up its commitments to provide development aid. However, cooperation on security issues is expected to continue, according to the French site.

Exclusive: Al-Wahsh Comments on the Central Bank of Libya’s Statement

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Economic expert Saber Al-Wahsh exclusively told our source about the Central Bank of Libya’s recent statement, describing the figures in the report on revenues and expenditures from January 1, 2025, to February 28, 2025, as concerning.

He added that total foreign currency revenues amounted to 3.6 billion USD, while expenditures were 6.1 billion USD, resulting in a deficit of 2.5 billion USD. Despite total public expenditures being 8.4 billion LYD (about 1.5 billion USD), he questioned, “Where do these funds, chasing dollars, come from?”

Al-Wahsh further explained that nearly 3 billion USD of foreign currency was requested for personal purposes, most of it likely being sought for profit through selling it on the parallel market.

He concluded, “Where do these funds come from to request such a huge amount of hard currency on the parallel market? We don’t want to create noise over this publication, but this situation is unsustainable. I believe the Central Bank is worried, but it’s concealing its concerns in hopes of an improvement.”

With February Salaries Excluded and a Surplus Exceeding 9 Billion… The Central Bank Discloses Revenues and Expenditures

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The Central Bank of Libya has released its report on revenues and expenditures from the beginning of 2025 until February 28, revealing total revenues of 18 billion LYD and expenditures of 8.4 billion LYD.

Revenues include 14.0 billion LYD from oil sales, 3.7 billion LYD from oil royalties, 41.1 million LYD from taxes, 12.5 million LYD from customs, 26.2 million LYD from telecommunications, and 245.8 million LYD from local fuel sales and other sources.

Expenditures include 5.9 billion LYD for salaries (for January only, as February salaries were not recorded), 35 million LYD for operating expenses, 0 LYD for development, 2.5 billion LYD for subsidies, and 0 LYD for emergency expenses.

Exclusive: Owners of Companies Affected by Embezzlement at Wahda Bank Complain About Continued Account Freezes Without Bank Response

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A number of business owners affected by the previous embezzlement incident at Wahda Bank have spoken to our source, complaining about the continued freezing of their accounts with no response from the bank.

The company owners stated: “We sold goods, and the payments were deposited into our accounts through official and legitimate procedures at Wahda Bank’s Businessmen Branch. However, the funds were then frozen in our bank accounts.”

According to the business owners, they had no involvement in the embezzlement case but were implicated nonetheless. They have yet to receive any responses or updates from the bank regarding their situation.

Africa Intelligence: French Company Expelled from Libya for Financial Reasons

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The French intelligence website Africa Intelligence reported on Wednesday that the French company Amarante International has been expelled from Libya until further notice.

According to the report, the company was ordered to leave after the Financial Oversight Authority launched an investigation into its operations. The company is accused of failing to comply with legal requirements related to contract awards for foreign firms.

Al-Zantouti Writes: “Our Commercial Banks, Their Mysterious Identity, and Their Lost Role in the National Economy”

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Financial expert Khaled Al-Zantouti has written an article titled Our Commercial Banks, Their Mysterious Identity, and Their Lost Role in the National Economy.

He reiterates the crucial role of commercial banks in driving economic growth and establishing sustainable development to build a strong national economy. Without delving into theoretical concepts, it is widely understood that commercial banks serve as repositories for public and private sector savings, converting them into investment channels through credit facilities that support sustainable economic development by financing individuals and businesses.

However, in Libya’s current situation, most commercial banks neither engage in proper credit operations nor structure them effectively. When credit does exist, it remains extremely limited, such as Islamic banks offering vehicle leasing (Ijara) or certain commercial banks providing temporary, unregulated credit coverage for traders. These activities often do not align with recognized credit matrices.

Al-Zantouti argues that no economic restructuring can be envisioned without an active banking sector facilitating directed credit for sustainable development, economic diversification, and GDP growth. The core issue, he asserts, is the lack of a clear and practical identity for both public and private banks. While their legal frameworks may define their roles, subsequent laws have rendered these regulations ineffective.

He calls on the new administration of the Central Bank of Libya to establish a clear identity for commercial banks: Are they Islamic, conventional, or a hybrid of both? He also raises the question of whether the interest rate prohibition law can be openly discussed or if it remains untouchable. Citing global legal perspectives, including the American legal system, he highlights that usury is prohibited worldwide, but its definition varies—even among Islamic scholars.

For instance, U.S. law explicitly bans usury, defining it as interest rates that significantly exceed market rates. If the current 10-year U.S. Treasury bond yield is 4.5%, a loan granted at 13.5% or higher would be considered usurious and illegal. This example underscores the need for a well-defined understanding of riba (usury) rather than a broad prohibition that lacks practical financial mechanisms.

Al-Zantouti emphasizes that Islam is a religion of modernity and adaptability, urging scholars and economists to engage in open, rational discussions to reach shared conclusions that respect Islamic principles while addressing contemporary financial realities. He asserts that banks must first define their identity—whether conventional, Islamic, or mixed—and subsequently develop appropriate financial regulations. Otherwise, Libyan banks will remain mere “salary shops” reliant on commissions and deductions at the expense of ordinary citizens.

He concludes with a thought-provoking remark: “Even near the sacred city of Mecca, both conventional and Islamic banks operate—so why not in Tripoli’s Red Castle?“

Exclusive: Addressing Shakshak, Deputy Head of the Audit Bureau: “The Bureau Must Never Become a Bargainer and Price Enforcer”

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Our source has exclusively obtained a letter from the Deputy Head of the Libyan Audit Bureau, Atiyat-Allah Abdulkarim, to the Bureau’s President, criticizing a news post on the Bureau’s page that claimed an achievement of saving 2 billion dinars through the prior review of nearly 700 contracts. He described this claim as a deceptive achievement.

In his letter, he stated:
“We were neither consulted in drafting the news nor informed of its details. We have facts that prove this news to be false and misleading to public opinion, requiring repudiation.”

He added:
“The reported savings mainly resulted from reductions in contract prices due to the Bureau pressuring contracted companies regarding pricing. This approach constitutes a legal and professional disaster, as the Bureau’s role, as defined by law, is to conduct prior contract oversight within a framework that leads to only three possible decisions: approval, conditional approval, or refusal of approval.”

He continued:
“Under no circumstances should the Bureau turn into a bargainer and price enforcer. If that happens, it essentially assumes the role of the project owner. The real issue behind price inflation is the lack of genuine bidding processes, which should lead the Bureau to reject approval and request a proper tendering process to achieve the best prices and specifications. Furthermore, when the Bureau pressured contracted companies, it relied on unrealistic estimated prices, rather than official benchmark prices set by the state. This resulted in legitimizing an unfair and highly inflated contractual price. The companies accepted the reductions only to secure the contracts, as the revised prices remained significantly above the standard rates.”

He went on:
“It is baffling to announce cost savings after reviewing 700 contracts, when these contracts actually represent a limited number of projects. Reviewing the projects the Bureau oversaw throughout the year reveals that they do not exceed three projects in total. How can the Bureau’s President and the concerned department boast about achieving savings while neglecting the most crucial aspect of contracting—execution monitoring? Companies might manipulate specifications and implementation.”

He concluded:
“While you pride yourselves on savings achieved by pressuring companies on contract prices, you assigned the completion of the Bureau’s new headquarters to the Administrative Centers Development and Planning Authority—only for finishing work—at an exorbitant price of over 11,000 dinars per square meter. The Bureau should have applied the same price-pressure approach here to secure better rates. Moreover, the Bureau adopted a new flawed practice of approving contracts with reservations, even when the reservations were fundamental issues. Instead, the approval should have been outright denied.”

Exclusive: Commenting on the Announcement of the General Exploration Bid Round, Aoun: “This Announcement is Illegal, and the Situation Will Not Improve Amidst Ignorance and Corruption as Billions Are Spent Without Returns”

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The Minister of Oil and Gas in the Government of National Unity, Mohamed Aoun, spoke exclusively to our source regarding the National Oil Corporation’s program for announcing the launch of the general exploration bid round on March 3, 2025.

Aoun stated: “As the legitimate Minister of Oil and Gas, since assuming office on March 15, 2021, I have requested the NOC president at the time to initiate an exploration round to assess the remaining onshore and offshore resources of Libya. I also made the same request to the president appointed in July 2022, urging the swift development of oil and gas discoveries. However, they procrastinated, and now the country is in need of gas while they claim there will be a shortage in gas supplies.”

He added: “For reference, the Ministry of Oil submitted a proposal to develop the Hamada Field (Block MN7A) and Arous Al Bahr. This proposal was unanimously approved by the Council of Ministers in April 2022, yet the decision has not been implemented to this day, indicating over three years of stalling.”

Aoun further stated: “With the announcement of the exploration round now, and following the issuance of House of Representatives Decision No. 15 of 2023, this announcement is considered a violation of that decision. Foreign partners must understand that violating legislation and failing to implement judicial rulings will hold them accountable sooner or later. They have acknowledged their responsibilities and should always be fully aware of the country’s laws and regulations.”

He continued: “The problem is that they neither respect expertise nor abide by their own decisions, nor do they adhere to legislative laws. The sector is being destroyed by incompetence, lack of capability, inefficiency, and unworthiness. The situation will not improve amidst ignorance and corruption, as billions continue to be spent without any return.”

Exclusive: Source from the Islamic Call Society: Following Parliament’s Decision, Sovereign State Institutions Now Deal with the Administration Led by Al-Fakhri

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Our source from the Islamic Call Society revealed that the administration committee, led by Saleh Al-Fakhri, has processed the payment of three months’ overdue salaries for all society employees.

The source confirmed that following the recent decision by the House of Representatives, along with judicial rulings and official communications, the country’s sovereign institutions now recognize and deal with the administration committee under Al-Fakhri’s leadership.

He added that the legal representative of the Islamic Call Society has formally notified all relevant authorities in Tripoli, emphasizing that dealings must be exclusively with Al-Fakhri, in accordance with the law, regulations, and the decision of the Parliament’s Presidency.

Exclusive: Deputy of the Audit Bureau Demands Legal Justifications from Shakshak for Expenditure Covering Bureau Meeting in Cameroon

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Our source has exclusively obtained a letter from the Deputy of the Audit Bureau, Atiyat-Allah Abdulkarim, addressed to the Bureau’s President. The letter refers to a correspondence from the Director of the General Administration of Financial Affairs at the Bureau, which transferred 455,041 thousand dinars to the account of the Libyan Embassy in Cameroon to cover expenses incurred by the embassy on behalf of the Bureau.

The Deputy stated that this amount represents part of the expenses for the Bureau’s meeting, which was held at its own expense in Cameroon. He emphasized that the transfer had previously been rejected pending the formation of a committee to review all expenditures, assess the legitimacy of holding the meeting, and determine its approval from the public treasury.

Additionally, he called for clarification of the legal procedures relied upon for the expenditure and an investigation into those responsible for executing the payments despite prior objections.

Exclusive: Government of National Unity Establishes National Housing and Real Estate Development Program with Independent Budget

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Our source has exclusively obtained a decision from the Government of National Unity regarding the establishment of the National Housing and Real Estate Development Program. The program will have independent legal and financial status, with its headquarters in Tripoli, and will operate under the authority of the Council of Ministers.

According to the decision, the program aims to promote spatial development, invest in the housing sector, address housing shortages, and contribute to Libya’s economic and social development. It will develop real estate investment programs for urban communities by utilizing necessary funds and completing previously contracted housing projects through investment outside the state’s general budget. Additionally, it will work to establish a sustainable model for real estate development and investment to provide suitable housing for citizens and develop urban plans for new residential projects.

The program will be responsible for implementing national and regional housing policies, coordinating with relevant entities to execute housing projects, preparing and managing project budgets, and ensuring timely completion. It will also determine priorities for ongoing and planned housing and public infrastructure projects while overseeing their execution, either directly or through specialized consulting firms and real estate developers.

Furthermore, the program will conduct cost studies for housing projects, propose cost-saving measures, and introduce financial solutions for real estate investment by engaging with banks and private and public financial institutions. It will also facilitate loans and financial support for real estate developers and investors while securing land for new housing developments in coordination with relevant authorities.

The program has the authority to own, sell, mortgage, lease, and transfer assets in accordance with legal frameworks. It can also collaborate with local and international developers and investors to achieve its objectives. Additionally, previously contracted housing projects under other government entities and the Savings and Real Estate Investment Bank will be transferred to the program through decisions issued by the Prime Minister.

State-owned lands allocated for public housing projects will also be transferred to the program, and expropriated lands for public benefit will be registered under the state’s name. The program has the right to manage these lands through sale, lease, or partnership with developers and investors in line with existing legal agreements.

The Libyan state will fund infrastructure projects for housing developments under the program through the development budget. The program will be managed by a general director appointed by the Prime Minister and will operate with an independent budget prepared according to applicable accounting standards.

Its financial resources will include a percentage of real estate development contracts signed with investors, revenues from its activities, authorized loans and grants, budget allocations, and other approved funding sources. The program’s fiscal year will align with the state’s financial calendar, with its first year starting from the date of the decision and ending with the following fiscal year. It will also have one or more bank accounts within Libya for managing its funds, in compliance with applicable regulations.

Exclusive: Al-Madar’s Board of Directors Relieves Media Office Director Al-Bdiri from His Duties

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Our source has obtained the 2025 decision of Al-Madar’s Board of Directors regarding the dismissal of an employee from his position.

The board has decided to relieve Mohammed Al-Bdiri, the Director of the company’s Media Office, from his duties.

Exclusive: Despite Parliament’s Decision to Halt Oil Sector Contracts, Masoud Suleiman Calls for an Exploration Bidding Round

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Our source has exclusively obtained a letter from the Acting Chairman of the National Oil Corporation, Masoud Suleiman, inviting attendance at the 2025 Oil Exploration Bidding Round of the Libyan National Oil Corporation. The event is set to take place at Rixos Hotel in Tripoli on Monday, March 3, 2025.

This comes despite a previous decision by the House of Representatives to suspend any new contracts, amendments to existing agreements, or procedural actions related to sovereign resources, including oil, gas, and gold.

Exclusive: Central Bank Governor Instructs Raising Withdrawal Limits in Al-Asabi‘ah and Sending Cash Liquidity

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Our Central Bank of Libya (CBL) source confirmed that Governor Naji Issa has issued directives to commercial banks and their branches in Al-Asabi‘ah to increase cash availability and raise withdrawal limits. The move aligns with the CBL’s commitment to ensuring liquidity and providing necessary banking facilities to support citizens amid the difficult conditions in the city.

According to the source, Jumhouria Bank delivered a 2 million dinar cash shipment yesterday, and an additional 5 million dinars will be sent today, raising the withdrawal limit to 5,000 dinars per customer.

The source added that the Central Bank of Libya is closely monitoring the situation on the ground to provide financial support to citizens in the region, in accordance with its mandated duties and applicable regulations.

Exclusive: Documents Reveal Sahara Bank’s $1.6 Million Contract with Lebanese Company for Checkbook Supply

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Exclusive sources have disclosed to our source that Sahara Bank has signed a contract with a Lebanese company to supply checkbooks worth $1.6 million through a bank transfer.

The contract was formalized on Wednesday, January 22, 2025, in Tripoli between Sahara Bank, a Libyan joint-stock company headquartered on Jakarta Street, Tripoli—represented by its General Manager Hussein Al-Shaqrouni—and INKRIPT SECURITIES SAL, based in Bchamoun, Lebanon, represented by its legal representative Riad Aytani.

Under the agreement, the bank sought to procure banking check papers. The technical and financial proposal submitted by the company’s legal representative on December 4, 2024, met the required specifications and conditions and was approved by the bank’s management. The award was made based on an official assignment letter from Sahara Bank’s administration.

The agreement stipulates that all preliminary documents, the technical and financial proposals, and the bank’s assignment letter are integral parts of the contract. The Lebanese company is to supply banking check papers (individual, corporate, and certified checks) in compliance with the Central Bank of Libya’s specifications and Sahara Bank’s technical requirements. The checkbooks will be delivered to the bank’s warehouses as per the agreed-upon terms. The company has confirmed its full understanding of all contractual documents and appendices, agreeing to execute the contract accordingly.

The total contract value of $1.6 million covers supply and delivery to the bank’s warehouses. The price is fixed and includes all costs, expenses, taxes, and fees incurred by the company in fulfilling the contract. The company is not entitled to demand price increases for any reason, including market fluctuations, currency volatility, rising living costs, changes in minimum wages, or new tax regulations in Libya or abroad.

The contract also includes provisions for force majeure. If unforeseen, uncontrollable circumstances arise that render execution impossible for a prolonged period, the second party may request to postpone or terminate the contract amicably. If such conditions are verified, the first party may agree to a postponement or termination, provided that all funds received by the second party are fully refunded without any deductions related to execution expenses. The second party is also required to pay applicable taxes under Libyan tax laws and regulations.

Furthermore, the contract is governed by Libyan laws and regulations. Any disputes will fall under the jurisdiction of Libyan courts, and ongoing legal proceedings will not affect the execution of the contract or the rights and obligations of either party until a final, enforceable court ruling is issued.