Our source has exclusively obtained a decision from the House of Representatives amending Article (25) of Law No. 7 of 2010 on income taxes.
According to the decision, the article now states:
“The state’s right to claim what is due under the provisions of this law does not expire over time. This provision applies to any statute of limitations that has not yet been completed.”
Our source has exclusively obtained a decision from the Board of Directors of the National Oil Corporation regarding an amendment to the unified bidding and contracting regulations for its affiliated oil companies, as per Decision No. (188) of 2023.
The amendment aims to maximize economic and technical efficiency in executing sector projects at competitive prices and high quality, while ensuring equal opportunities among all competitors. Additionally, all awarded bids relying on NOC-owned execution tools—where financial approvals have not been granted or implementation has not commenced—will be canceled.
The oil-focused website Oil Price reported on Wednesday that oil prices remained slightly lower after rising on Tuesday. This came following threats from protesters to block crude oil exports at two terminals in the Oil Crescent. However, the National Oil Corporation stated that exports were proceeding at normal rates.
In a statement on Tuesday, the NOC confirmed that oil operations were continuing uninterrupted across all fields and ports. This came after discussions with protesters who had staged demonstrations at the Sidra and Ras Lanuf terminals.
At the same time, oil prices received some support from expectations that the United States might impose tariffs on Canada and Mexico, potentially making crude oil more expensive. Former President Donald Trump had threatened to impose tariffs on both neighboring countries on his first day in office and has not reconsidered this plan, despite retaliatory threats from Canada to suspend vital energy exports to the northeastern U.S., according to the website
The Director of Administrative Affairs at the National Union Bank, Mohamed Al-Kadiki, exclusively informed our source about the launch of the ATM cash withdrawal service.
He announced that the service has been activated for all commercial banks through the bank’s ATMs, reinforcing the bank’s commitment to providing advanced banking services that facilitate seamless financial transactions for customers.
Al-Kadiki explained that the service is now available at several main branches, including Fouihat Branch in Benghazi, Abu Sitta Branch in Tripoli, Misrata Main Branch, Zliten Agency, Derna Zahra Branch, and Tobruk Main Branch. This allows customers to withdraw cash at any time without needing to visit the branches directly.
He emphasized that this initiative aligns with the bank’s strategy to enhance electronic services and expand digital banking solutions, improving customer experience and meeting banking needs efficiently.
In conclusion, he encouraged customers to take advantage of this new service, reaffirming the bank’s commitment to continuously developing its services to keep pace with the latest banking technologies.
On Wednesday, the General Assembly of Assaray Bank convened to restructure the Board of Directors, where a vote was held to appoint Husni Bey as Chairman of the General Assembly, in agreement with the temporary committee assigned by the Central Bank of Libya.
During the meeting, the bank’s 2024 profits were revealed to be 27 million. A vote was also conducted for the Chairman and members of the Board of Directors. The committee, led by Bey, selected 13 candidates out of 20 applicants. Among the notable names chosen for the new board were Rakan Jalal Husni Bey, Bassem Tntoush, Khaled Al-Jazoui, Khalifa Dou, Mohammed Al-Safi, Osama Al-Bouri, Ahmed Ateeqa, Abubakr Abu Al-Qasim, Manjia Nashnoush, Ihab Al-Jahawi, Mohammed Boukra, Ziyad Bassiouni, and Rafqa Al-Kout. These names will be referred to the Central Bank of Libya, which will approve nine candidates, ensuring the mandatory selection of at least two female candidates, in compliance with the Central Bank’s regulations.
Noaman Al-Bouri, a shareholder in Assaray Bank, stated to our source that the meeting was a significant step forward, highlighting that many of the selected board members are experts in various fields. However, he also expressed his objection to the meeting, citing legal disputes over the former governor’s decisions regarding the temporary committee. He emphasized the importance of adhering to judicial rulings and stated that the bank should function as a team rather than rely on individuals.
Meanwhile, Husni Bey, the newly appointed Chairman of the General Assembly, told our source that despite initial concerns, the temporary management committee successfully revitalized the bank’s operations. He also noted that over 77% of shareholders attended, reflecting their keen interest in decision-making. Out of 40 candidates, 20 were shortlisted, including two women.
Bey expressed his satisfaction with the selection process, stating: “I am very pleased that the responsibility has returned to the shareholders. The Board was chosen based on merit, and among the 20 selected, I personally know only four, with just one from my family. I hope the Board continues with the same enthusiasm and maintains a professional relationship with the executive management.”
He concluded by emphasizing the future of digital banking, stating: “We aspire for Assaray Bank to be entirely digital, eliminating the need for in-person visits. We believe digitization will dominate banking operations, and within ten years, physical bank branches and cash transactions will be replaced entirely by electronic payments.”
The Second Deputy Chairman of the High Council of State, Omar Al-Abidi, revealed in a statement to our source that the visit of the Board of Directors of the Central Bank of Libya, led by Governor Naji Issa, carries significant political symbolism and reflects Libya’s commitment to unity and the fact that Libya is one united entity.
He also indicated that this visit is expected to be followed by a series of consecutive meetings of the Central Bank’s Board of Directors across various regions, including Benghazi, Sabha, Misrata, Zawiya, Zintan, and other Libyan cities.
Additionally, he stated that the 2025 budget will be a unified budget approved by the House of Representatives in consultation with the High Council of State.
The Federal Bureau of Investigation has arrested a former United Nations agency executive in Montreal on charges of attempting to broker illegal arms deals worth more than $1 billion between Libya and China.
According to the Canadian newspaper Global News, the official is accused of leading a scheme to help China sell $1.54 billion worth of drones and missiles to militants in Libya between 2019 and 2023, in collaboration with six other suspects.
The report further states that the U.S. Department of Justice has charged the official with violating the U.S. Arms Export Control Act after the FBI uncovered evidence suggesting he financially benefited from the scheme.
Additionally, the report claims that Khalifa Haftar’s contact with China was made through an intermediary, resulting in an agreement to supply Libyan militants with advanced military drones, weapons, and computer systems to operate them, aiming to help Haftar’s forces gain a quicker military advantage.
According to Global News, FBI documents indicate that Chinese officials were uneasy about direct involvement in Libya due to concerns over the UN arms embargo.
The report also highlights that Italian customs authorities intercepted and seized Chinese-made Wing Loong military drones, destined for Libya. The Italian Guardia di Finanza confirmed that its officers had confiscated parts of two Chinese military drones, which were concealed inside shipping containers while en route to Libya.
Our source has exclusively obtained a copy of Prime Minister of the Government of National Unity’s Circular No. 5 for 2024, issued on December 31, 2024.
The circular stipulates several measures aimed at controlling public expenditures. It mandates the halt of vehicle purchases and the suspension of new appointments, except with the direct approval of the Prime Minister. Additionally, it limits official missions to only those deemed necessary.
Furthermore, the circular prohibits the payment of housing rent for any employee or official unless explicitly granted by applicable legislation. It also sets a maximum financial advance limit of 5,000 LYD, except in cases of necessity, which require the Prime Minister’s approval. Moreover, it bans the purchase of mobile phones and laptops for employees and halts spending on gifts both domestically and internationally.
In terms of procurement and contracting, the circular requires adherence to direct contracting regulations as stipulated in the Administrative Contracts Regulations. It specifies that routine procurement should be handled by the entity’s procurement committee and funded from Chapter II of the general budget, while project contracting must be carried out by tender committees using allocations from Chapter III of the general budget.
Our source from the oil sector revealed that the protest movement in the Oil Crescent region decided to temporarily suspend the closure of oil ports. This decision followed communication with the Chairman of the National Oil Corporation, Engineer Masoud Suleiman, during a phone call on January 28, 2025.
As a result of this call, the movement agreed to grant the National Oil Corporation a two-week grace period to address and fulfill their legal demands.
Economic expert Mohamed Al-Safi exclusively told our source regarding the closure of oil fields: “It’s truly a regretful development that further complicates the situation. The Central Bank is already struggling to counter excessive demand for dollars.”
He added: “The oil closures, which will result in a drop in revenues, will reduce the Central Bank’s capacity to meet demand. This may force a return to demand-curbing policies, such as raising taxes, adjusting exchange rates, limiting import quotas through letters of credit, or suspending allocations for specific private purposes. These measures typically impact the parallel market exchange rate and, consequently, prices.”
The American news agency Bloomberg reported today, Tuesday, that oil loading operations at Libya’s major ports have stopped due to protests, disrupting about one-third of oil exports. This highlights the risks to global supplies stemming from ongoing tensions in Libya.
According to Bloomberg, two individuals familiar with the situation stated that the shutdown began on Tuesday at Ras Lanuf and Sidra, which together export over 400,000 barrels per day. The closures were reportedly ordered by the so-called Petroleum Crescent Movement.
One of the individuals mentioned that an oil tanker at Sidra has already ceased loading operations.
Our source at the Central Bank of Libya revealed that it has begun accepting applications for licensing financial leasing activities as of Sunday, January 26, through its official website.
This step comes after issuing regulations governing contracts in the sector, as part of the bank’s efforts to stimulate economic growth.
Anas Ashnibish, in a statement to our source, discussed the recent calls to reduce global oil prices, including direct appeals to OPEC by the leader of a nation with the highest oil production globally. Ashnibishwarned that, if these measures are implemented as urgently as proposed, the repercussions on Libya’s economy and financial stability in 2025 could be severe.
He added: “In a country reliant on a rent-based economy fueled by oil, with successive economic crises and persistent budget deficits, a drop in oil prices would have a profound and immediate impact on Libya’s economy due to its heavy dependence on oil revenues as the primary source of public income.”
Ashnibish concluded: “Urgent action and the establishment of long-term strategic plans are crucial in mitigating the impact of oil price fluctuations on Libya’s economy. It is essential to present the Libyan people with the reality of the situation and involve them in crafting solutions to address the challenges and crises that could arise at any moment.”
Legal advisor Hisham Al-Harati spoke exclusively to our source, expressing frustration over the prolonged delays in the Ain Zara Road expansion project.
He stated: “The continued neglect and procrastination in executing contracts for critical projects, especially the Ain Zara Road expansion, which has been stalled for over three years, represent a blatant disregard for citizens’ rights and interests.”
Al-Harati emphasized that these ongoing delays have caused significant harm to residents, severely impacting their daily lives. He also criticized the lack of accountability from responsible parties, pointing out that the municipality has remained passive while the government has used the project as a tool for media propaganda without taking serious steps to address obstacles and complete the project.
He concluded: “This situation is unacceptable and necessitates immediate action to hold those responsible accountable and to complete the project in a manner that meets the needs and dignity of the citizens.”
Economic expert Mondher Al-Shahoumi suggested to Independent Arabia that Libyans should be allowed to purchase shares in investment funds to earn profitable returns.
He explained: “I propose enabling Libyans to buy shares in these funds and secure attractive returns. Libya possesses immense economic potential that can drive sustainable development and diversify income sources, despite the political instability that has persisted for over a decade.”
However, Al-Shahoumi emphasized the need to assess the current situation carefully, leveraging relative stability to pave the way for a new economic trajectory. He pointed out that the heavy reliance on oil exposes Libya’s economy to global energy price fluctuations, hindering opportunities for sustainable and inclusive growth.
Drawing comparisons with similar countries, Al-Shahoumi highlighted Norway’s experience, which relied on oil for decades before successfully diversifying its economy through a sovereign wealth fund that invested oil revenues in sustainable sectors. He believes Libya can adopt a similar approach by strategically utilizing oil revenues to support non-oil industries.
He noted that oil is not Libya’s only resource, as the country also has rich deposits of iron, phosphate, and gypsum, alongside untapped opportunities in renewable energy, especially solar power. Positioned in the sunbelt, Libya is one of the most suitable nations for solar energy generation, offering competitive electricity prices and the potential to export energy to Europe.
To achieve this, Al-Shahoumi stressed the importance of investing in the infrastructure required to develop this sector, referencing Morocco’s success with the Noor Solar Complex, which became an energy hub for Europe and Africa. Libya, he argued, has even greater potential, given its strategic location and resources.
Al-Shahoumi also highlighted Libya’s opportunity to develop cross-border trade and leverage its strategic position as a natural link between Europe, Africa, and the Middle East. By building modern free zones, such as at the Tripoli or Benghazi ports, and attracting global companies to use Libya as a re-export hub, the country could boost regional commerce.
He pointed to Egypt and Tunisia, which have developed special economic zones to attract foreign investments, suggesting that Libya could implement similar models while offering tax and legislative incentives to investors.
In the aviation sector, Al-Shahoumi sees a significant opportunity for growth, noting Libya’s strategic air routes connecting Europe and Africa. By modernizing airports and expanding its aviation fleet, Libya could follow Ethiopia’s example, which transformed Addis Ababa into a major hub for African air travel through Ethiopian Airlines.
Lastly, Al-Shahoumi underscored the importance of fostering tech industries and startups, especially as the global economy shifts toward technology and knowledge. Libya, he said, has a golden opportunity to support startups and build a knowledge-based economy, given its youth’s creative potential. However, this requires supportive infrastructure and investment initiatives.
He cited Rwanda as a success story, starting from scratch to become a technology hub in Africa through investments in education and digital infrastructure. Libya, he believes, could carve out a niche in providing digital services and tech products to regional and global markets, particularly under the African Continental Free Trade Agreement, which grants Libyan companies access to a market of over 1.3 billion consumers.
