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Author: Amira Cherni

Zaher: Libya and the Curse of Oil – When the Economy Devours Society

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Ahmed Zaher wrote an article entitled: “Libya and the Curse of Oil – When the Economy Devours Society“:

Great wealth doesn’t always produce great nations; sometimes, it yields even greater corruption—because when abundance precedes awareness, it turns from a blessing into a curse.

When Libya transitioned from a feudal system to capitalism, the consequences of this shift were not addressed in a manner fitting its depth and gravity. The country opened up to a market economy without institutional infrastructure, a mature middle class, or a stable production culture.

Traditional social structures—based on kinship, land, and manual labor—still dominated society, while money began flowing from outside, not from within the cycle of production. This created a profound imbalance between the emerging economic structure and the outdated social reality lagging behind it.

The discovery of oil in the 1950s marked a turning point—not only economically, but socially and philosophically. It provided the state with massive resources without the need for production or taxation, collapsing the contractual relationship between state and society. A pure rentier state was born, based on distribution rather than production, and loyalty rather than efficiency. Oil was not merely a wealth source—it was a new “political entity” that transformed the shape, functions, and social boundaries of the state.

Before oil, land was the economic and social center of gravity. Owners of fertile land, major farmers, and tax officials held the upper hand because they controlled sources of livelihood and fed the state treasury. But oil overturned this balance.

The state no longer derived its resources from society; instead, it began distributing rent to it. The citizen transformed from a producer to a beneficiary, from an economic partner to a rent-dependent follower. The influence and social roles of farmers and landowners eroded, and parasitic classes emerged suddenly in cities—living off public employment, government contracts, or rent-based privileges, without real contribution to development.

Libya thus became a rentier society before its economic structure had fully formed. It never experienced an industrial phase, lacked a mature working class, and never saw productive capitalism. The modern state took on a capitalist form in its tools and institutions but was hollowed out of the market’s logic and equilibrium—leaving the Libyan economy prone to distortion and regression, unable to build stable classes or natural production relationships.

In this fragile context, Colonel Muammar Gaddafi attempted to build a “socialist” project based on an inverted Marxist logic. He assumed that transitioning to socialism was the natural next step after capitalism—without realizing that Libya hadn’t yet experienced capitalism itself. The country had just emerged from feudalism and lived off underground rent, not labor. Yet Gaddafi forced an ideological leap forward.

Thus, the socialist shift resembled an escape forward. Gaddafi ignored the wounds inflicted by the oil and social transformation and layered a new crisis on top by pushing for socialism in one go—without societal readiness or time for political and economic maturity. The result was a premature birth of a deformed entity: neither capitalist nor socialist, but a hybrid creature—confused and disjointed, incapable of normal life or swift death.

Despite the obvious flaws, Gaddafi persisted in trying to “resuscitate the fetus.” He built superficial institutions, funneled state resources into theoretical slogans, and produced rhetoric detached from reality. The socialism he promoted was merely ideological mobilization layered atop a rentier economy governed by clientelism and distribution—not by planning or production. Thus, the dying body remained on life support for decades until it entered clinical death, then total collapse in 2011.

But the tragedy is that the “curse of oil” did not end with the fall of the regime. After the revolution, the Libyan state continued the same rentier model: distributing resources, buying loyalties, unproductive public employment, a fragile economy dependent on global fluctuations, and a society decaying from within due to a loss of purpose and work. Oil rent transformed from a tool of power into a tool of chaos, with each faction seeking to capture it—not to build a shared national economy.

Today, we don’t need to attempt to revive the corpse of old rent, nor to cling to repackaged socialist or liberal illusions.

We need a rebirth—one grounded in a deep understanding of our trajectory, in radical social critique of the transformations that shook us, and in economic planning that’s not just about diversifying resources, but about reshaping the relationship between citizen and state, between labor and dignity, between wealth and justice.

The curse of oil cannot be resolved merely through management—it must be transcended altogether: by building a state with a productive project, a society capable of work—not waiting, and institutions that enforce contractual—not paternal—relations.

Without that, we will continue to live in the spiral of “rent and waiting,” where production is replaced by loyalty, development by bargaining, and the state by its shadow.

Libya will not recover from the curse of oil until it moves beyond the illusion of wealth to the truth of work, and abandons the state that distributes—to build the state that produces.

Exclusive – With Official Documents: GNU Withdraws Al-Huwaij’s Powers and Removes Him from Sovereign Committees While Assigning His Advisor to International Cooperation Role

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Ourr source has exclusively obtained a decision issued by the Government of National Unity to withdraw key powers from the Ministry of Economy, headed by Mohamed Al-Huwaij, specifically those related to the management of companies, trademarks, and commercial agencies, transferring them to the Commercial Registry Authority.

In addition, our source has also obtained another exclusive decision in which Al-Huwaij assigned his advisor, Shathar Al-Seed, to head the Office of International Cooperation at the ministry. This move reportedly triggered reservations within the Cabinet of the Government of National Unity and led to a series of internal changes in the ministry, according to our source.

Moreover, reliable sources revealed that Mohamed Al-Huwaij has been dismissed from several committees, most notably the Libyan-Turkish Committee. There are also reports indicating the appointment of new representatives for Libya in the Libyan-Egyptian and Libyan-Tunisian committees.

Exclusive – With Official Documents: Government of National Unity Withdraws Al-Huwaij’s Powers and Removes Him from Sovereign Committees While Assigning His Advisor to International Cooperation Role

Exclusive: Presidential Council Requests House of Representatives to Submit Draft Budget Proposal After Consultation with High Council of State

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Our source has obtained a copy of a letter from the President of the Presidential Council, Mohamed Al-Menfi, addressed to the Speaker of the House of Representatives, Aguila Saleh. In the letter, Al-Menfi requests the submission of the draft budget proposal by the executive authority.

This request is conditioned on prior consultation with the High Council of State and requires the approval of 120 parliamentary members in a properly convened session.

Global Platts: Libya’s Oil Production Reaches Highest Level in 12 Years Despite Escalating Tensions in Tripoli

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British agency Global Platts reported on Thursday that Libya’s oil production rose to its highest level at 1.23 million barrels per day, according to a Platts survey conducted by S&P Global Commodity Insights on June 10, despite escalating political tensions in the country.

According to the agency, the survey found that crude oil production in May increased by 30,000 barrels per day month-on-month, continuing a recovery from weeks-long closures of oil fields and ports in late 2024 due to a power struggle at the Central Bank, which had previously cut output by half.

The agency noted that this is the highest monthly total since May 2013, less than two years after the ousting of Muammar Gaddafi, which plunged OPEC-member Libya into chaos.

The British agency confirmed that Libya relies on the oil and gas sector for around 93% of government spending, according to analysts. However, oil fields, ports, and other infrastructure are under the control of rival political factions in the west and east and have been repeatedly targeted by political actors, protesters, and armed groups in recent years.

The agency added that the increase in production in May was reflected in Libya’s crude oil exports, which reached their highest level in years at 1.26 million barrels per day, according to data from S&P Global Commodities at Sea. Italy was the largest buyer of Libyan crude, followed by France, the United States, and China.

Shriha: Central Bank Report Aligns with OPEC Data on Libya’s Oil Production, Boosting Credibility

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Oil expert Eng. Massoud Shriha told Sada that the Central Bank of Libya’s report clearly indicates that Libya’s oil production figures align with those provided by OPEC, effectively putting an end to ongoing debates and enhancing the credibility of the organization.

Shriha also raised a critical question regarding the allocation of funds exceeding 65 billion Libyan dinars, suggesting that such an increase will not effectively support the national economy.

He further commented on the planned offshore platform by Eni, estimated at $1.3 billion, describing it as overpriced based on industry-standard cost averages and producer and metal price indicators.

Sharayha called on Prime Minister Abdulhamid Dbeibeh to take decisive action to end the state of chaos within the National Oil Corporation (NOC).

He attributed this turmoil to growing regional, tribal, and ethnic tensions within the institution, particularly since Farhat Bengdara, whom he referred to as an Emirati national, assumed leadership.

Shriha concluded by stressing that any reform or leadership change would be in the best interest of all, contributing to greater stability and sustainable development in Libya’s oil sector.

XP Group Achieves $250 Million Investment Milestone Across Multiple Countries, Including Libya

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The website XP Group Marks revealed that over the past few years, XP Group has expanded its international presence with projects in several countries, including Libya. The company has secured eight concession licenses and three major 15-year production enhancement contracts, bolstering its reputation as a trusted partner for energy companies and international operators.

According to the website, David Martinon, CEO and co-founder of XP Group, stated:

“Our $250 million investment reflects XP Group’s commitment not only to increasing production but also to responsible and sustainable field management. This milestone is a testament to the dedication of our employees, our innovation-driven mindset, and our unwavering focus on minimizing environmental impact. As we look to the future, we remain committed to operational excellence, digital transformation, and sustainable growth.”

The website also highlighted that XP Group’s operational achievements were driven by extensive data-based and AI-powered analytics, with over 4,250 well maintenance operations, more than 700 additional maintenance tasks, and the upgrade or restructuring of nearly 50 production facilities. These efforts resulted in a 21 million barrel increase in oil and gas production across its operated fields, according to the site.

“Tripoli Activists” Warn Members of the House of Representatives Against Colluding with the Speaker in Implementing His Decision to Raise the Tax Rate

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Tripoli activists issued a statement regarding what was presented in the House of Representatives session held on June 3, 2025, stating:
“We followed the House of Representatives session in which some members attempted to pass a budget that exceeds the value of revenues, at a time when oil prices—Libya’s main source of income—are declining.”

They also said:
“We have also followed the statements by the Central Bank of Libya, which warned against excessive spending that could lead to the collapse of the Libyan dinar’s value. This comes after its value was unlawfully reduced, first through the imposition of a tax on foreign exchange sales by the Speaker of the House—who heads the legislative body that is supposed to uphold the law—and again through the Central Bank’s change of the exchange rate. Despite judicial rulings that nullified this tax, neither the Speaker of the House nor the Central Bank Governor has implemented the court decisions.”

The Activists stated:
“As we have received information that the Speaker of the House plans to raise the foreign exchange sales tax, and that there is a proposal to lift subsidies, we hereby warn Members of Parliament of the following:**

  1. Not to get involved in, or remain silent about, any decision to unlawfully extract money from the Libyan people.
  2. Not to collude with the Speaker of the House in executing his decision to increase the tax rate without holding him accountable.
  3. Not to continue enforcing decisions that have been nullified by court rulings due to violations of jurisdiction.”

Accordingly, the Tripoli Activists Coalition declares the following:

– We reject the misuse of parliamentary powers, particularly the House of Representatives’ enabling of the Speaker to finance any entity under the guise of reconstruction, development, or public debt repayment—placing the burden on the Libyan people, who are already suffering from economic hardship and high prices.

– We warn the House of Representatives and the governments against excessive spending beyond available revenues. We also warn the Central Bank of Libya against using public funds to finance expenditures that exceed revenues, urging it to remain within its legal jurisdiction and avoid contributing to economic collapse and currency devaluation.

– We call on the House of Representatives, the governments, and the Central Bank of Libya to comply with public debt repayment obligations and to revert to the provisions of Public Debt Law No. 15 of 1986, Article 3, which stipulates that “the Central Bank of Libya shall directly deduct 5% of total oil revenues from the public treasury until the debt is repaid.” We also demand the repeal of conflicting provisions in Law No. 30 of 2023 and affirm that the public should not bear the consequences of financial mismanagement and looting.

– We urge the House of Representatives to revoke the immunity granted to the Reconstruction and Development Council from oversight by the Audit Bureau and other regulatory bodies, as it contradicts the Constitutional Declaration. We also demand the cancellation of the financial and planning authorities granted to the Council’s president, which rightfully belong to the Ministries of Planning and Finance.

– We warn the governments and House members against ratifying or maintaining the Libya-Turkey maritime agreement, which stipulates that “any resources in the exclusive zone of one party that extend into the other party’s area shall be shared.” This clause effectively grants Turkey a share in our resources and obligates Libya to consult with Turkey before making any agreements with third parties regarding this zone. This undermines Libya’s sovereignty and subjects it to Turkish oversight—even though Turkey does not have legal ownership over the disputed area with Greece and Cyprus. This agreement exposes Libya to regional conflicts over resources, in exchange for giving away part of our confirmed national wealth.

In conclusion, we hold the legislative, executive, and financial authorities fully responsible for protecting public funds and preserving national sovereignty, and for upholding the rights of Libyan citizens. We affirm our continued monitoring of the performance of state institutions and will not hesitate to take necessary legal and popular actions to protect Libya from financial corruption and the squandering of its wealth.

Al-Safi: “The Economy Can’t Withstand It—It’s Time to Cap and Earmark the Budget”

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The economic expert Mohamed Al-Safi writes: A lost decade of Libyan economic policy.

Since 2014, the Libyan economy has faced a prolonged period of contraction and instability—what I refer to here as a “lost decade” in Libya’s economic history. Libya has been severely impacted by political division, armed conflict, and unsustainable fiscal policies, which together have driven the country into a state of economic fragility. The ongoing turmoil, coupled with high inflation and reckless fiscal expansion, has increased the economy’s dependency on oil revenues.

Between 2012 and 2023, Libya’s GDP declined by over 40%, falling from $93 billion to just $50 billion. This downturn reflects the severe disruptions caused by governmental fragmentation and the periodic halts in oil production due to conflict. Inflation, which fluctuated widely, reached 35% in 2017, eroding the purchasing power of ordinary Libyans. Meanwhile, the Libyan dinar saw a significant decline, plummeting from 1.27 LYD/USD in 2012 to 6.4 LYD/USD by 2025, exacerbating the economic challenges facing the country.

All of these economic problems have cost us a full decade of economic development and institution building.

The Problem: Fiscal Schizophrenia

Libya faces an impending public finance crisis driven by the massive gap between spending and revenue. The existence of two rival governments—each with ambitious (but poorly planned) development agendas—has escalated fiscal pressures, as both authorities pursue overlapping and often conflicting spending goals. This dual and de facto governance system has led to uncoordinated fiscal expansion, further straining already limited resources.

Additionally, Libya urgently needs reconstruction after years of conflict and the devastation caused by Storm Daniel, which killed thousands and demands significant investment in infrastructure, healthcare, education, and other public services. Achieving these reconstruction goals will become increasingly difficult without sound fiscal management, especially given the country’s limited fiscal space.

Meanwhile, Libya’s foreign currency reserves are under immense pressure. Rising public debt, higher import costs, and political instability have increased demand for foreign currency, raising the risk of reserve depletion and fueling parallel market activity. The situation is worsened by a sharp drop in revenue, especially from oil, due to egregious practices such as crude-for-fuel swaps.

This disconnection between rising expenditures and falling revenues is a ticking time bomb. Without immediate fiscal reform—including improved intergovernmental coordination, planned reconstruction spending, and diversified revenue streams—Libya risks a full-blown financial crisis.

The Solution? Defuse the Financial Bomb

To address Libya’s fiscal gap caused by rising expenditures and declining revenues, I propose a two-pillar approach: introducing a budget cap to manage excessive spending and reducing oil revenue dependence by earmarking non-oil revenues for certain budget sections.

Pillar 1: Budget Capping

A budget cap should be introduced to fix annual government spending at an agreed amount for multiple years. This agreed cap should consider the country’s development needs (e.g., areas affected by Storm Daniel and ongoing development projects) and the stabilization of the foreign exchange rate. A budget ceiling would bring several benefits:

– Breathing space for the Central Bank to reset the macroeconomy: The economic “temperature” (inflation) is currently very high, and the Central Bank needs a stabilization period of at least 3 years to reduce this. A capped budget over three years will give the Bank sufficient time to use its tools to manage the bloated money supply.

– Reduce pressure on foreign reserves: By capping spending for three years, reserve pressures will ease, stabilizing the Libyan currency.

– Contain money supply: Budget constraints will reduce market liquidity, easing inflationary pressures.

– Limit debt accumulation: A budget ceiling will prevent further public debt buildup and reduce fiscal risk.

– Encourage fiscal discipline: Government agencies will be compelled to manage resources more efficiently.

Since the country’s current leadership operates with a contractor’s mindset, perhaps the concept of “budget capping” will resonate with decision-makers who are “contractors.”

Pillar 2: Earmarking Non-Oil Revenues for Specific Budget Sections

With oil revenues, there’s little incentive to expand non-oil revenue collection. However, revenue diversification is essential for sustainable fiscal management, especially given global oil price volatility and instability in the parallel exchange market.

The proposal: Allocate non-oil revenues and link them to Chapter Two (operational expenses) of the budget. This would be done by legally stipulating that Chapter Two expenditures cannot be funded by oil revenues but only by non-oil revenues. This creates an incentive to collect and register such revenues in state accounts (currently, many such revenues are collected at source and never reach the treasury). This process, known in economics as Earmarking—or “tawsīm” in Bedouin parlance—is widely used globally. Libya itself adopted it in 2010 when part of the salary budget was directly tied to non-oil revenues.

Chapter Two is deliberately chosen as it’s the least directly beneficial to citizens. Reducing it temporarily to entrench this fiscal practice (i.e., increasing attention to non-oil revenues) would not significantly affect the population.

Two ways to improve non-oil revenue streams for earmarking:

  1. Enhance collection from existing non-oil revenue sources such as telecommunications, taxes, customs, and government services.
  2. Develop new sources of non-oil revenue. One potential source is the liquidation of underperforming state-owned enterprises (SOEs). These SOEs were intended to provide additional revenue streams but ended up draining the budget due to mismanagement and lack of incentives.

Benefits of earmarking include:

– Increased government revenue capacity: Expanding non-oil revenue streams enhances financial independence.

– Reduced oil dependence: Revenue diversification will shield the budget from oil price drops, making it more resilient to global market volatility.

– Stabilized foreign currency reserves: Less dependence on oil revenues will help maintain stronger foreign reserves even during low oil price periods—positively affecting the exchange rate and inflation.

Mechanism: Enforcing the Budget Law, with Amendments

Implementation of this public finance reform proposal must comply with Libyan state law. The national budget must return to standard legal procedures, where the budget law is drafted and approved by the legislative authority and implemented by the executive.

The 2025 budget law must include specific provisions setting a budget cap (in Libyan dinars) for several years and specify which budget chapters will be funded by non-oil revenues.

1. Budget Cap

– Conducting a technical dialogue on the budget: A technical dialogue on the budget must be initiated with the participation of state institutions, represented by the two governments, the Central Bank of Libya, and representatives of the legislative council. Non-governmental actors—including civil society organizations, independent economic experts, and academic professionals—should also be included in this dialogue. Their inclusion will ensure public participation and transparency in decision-making. This dialogue should focus on establishing a realistic budget ceiling for the fiscal years 2025, 2026, and 2027 and ensuring that it aligns with current economic challenges.

– Legislating the budget ceiling in the 2025 budget law: The legislative authority must codify the budget ceiling in the 2025 budget law, clearly specifying the exact amount in Libyan dinars and explicitly stating that this ceiling is valid for three years. This will prevent the Central Bank from having to fight the same battle every year. This ceiling will ensure fiscal discipline. If passing the ceiling is delayed for several years, the law should also include a clause that allows spending up to 1/12 of the approved budget for each subsequent month in case of delays in passing future budgets. This ensures financial and monetary stability.

– Linking the budget to the political process: A clause in the budget law should state that the 2025 budget will remain valid until a new parliament and/or president is elected. This creates a direct link between public financial reforms and the political process, providing an incentive for political actors to move toward elections in order to update or revise the budget framework.

– Ensuring flexibility within the ceiling: The budget law must clarify that although there is flexibility in how government spending is allocated within the allowed limit, no government entity can exceed the budget ceiling. This allows for oversight of public finances while enabling the government to allocate resources flexibly based on changing priorities.

2. Allocation of Non-Oil Revenues

– Structure of the Libyan budget: The Libyan budget consists of five chapters: salaries, operational (Chapter 2), development (Chapter 3), subsidies, and emergency funds. Salaries and subsidies are fixed expenditures that require stable revenue sources, while operational and development expenses are more volatile and flexible.

– Allocating Chapters 2 and 3 to non-oil revenues: In the 2025 budget law, clear allocations must be specified for the operational (Chapter 2) and development (Chapter 3) chapters, given that they are variable and subject to discretionary spending.

  • Chapter 2 (operational) should be funded from recurring non-oil revenues such as telecommunications profits, customs duties, and taxes. These consistent revenue sources will help fund operating costs. The government will be incentivized to collect them efficiently because, without them, it cannot spend on this chapter. (Translation of the local flavor: No non-oil revenues, no Camry cars for the Agricultural Police.)
  • Chapter 3 (development) can be funded by liquidating underperforming state-owned enterprise (SOE) assets. Many of these SOEs have not made profits for years, costing the state millions of dinars. Liquidating these assets would provide necessary resources for development initiatives and support economic diversification. Although the exact value of these assets is unknown, many experts estimate them to be worth billions. Once liquidated, these funds should be placed in a dedicated, ring-fenced fund and used solely to finance development efforts.

Conclusion

This mechanism ensures that the Libyan public financial reform proposal is rooted in the country’s legal framework, making it a sustainable and transparent solution. Combining a budget ceiling with diversified revenue sources through targeted allocations will enhance fiscal stability, reduce inflationary pressures, and create a more sustainable financial environment in Libya. These measures will also serve as an incentive to advance the political process toward elections while promoting fiscal discipline and economic diversification.

The change in leadership at the Central Bank of Libya presents a unique opportunity for reform. In a decade marked by divisions and missed opportunities, this momentum is a significant chance to implement lasting changes in public finance. It is essential to act quickly and decisively while this opportunity still exists, to ensure Libya takes meaningful steps toward long-term economic stability and prosperity.

Shriha to Sada: “Oil Prices Are Declining and There’s a Real Risk of a Major Deficit in the Upcoming Budget”

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Oil analyst Engineer Masoud Shriha analyzed the relationship between the US dollar exchange rate and the Libyan dinar through oil marketing operations, presenting an unstable future outlook for Libya’s economy under the current administration of the National Oil Corporation.

In a statement, Shriha indicated that the average oil price in 2024 was around $80 per barrel, while in the first half of 2025, it dropped to $67 per barrel. As a result, a projected deficit of about $3.5 billion is expected by the end of the current year — signaling the onset of a price war in global markets, further drops in oil prices, and deepening budget deficits for the Libyan state.

The oil expert explained that the swap system is a globally used mechanism employed by the Corporation’s administration for marketing. He noted that halting this system will not solve problems such as smuggling or dealings with obscure brokerage firms — especially with the individual named Farhat and his backers. On the contrary, he estimates that suspending the system could cost the state up to $30 million annually.

He added that the Corporation’s administration is causing Libyan oil to be sold below its market value, with an estimated loss of $1.5 per barrel — amounting to an annual loss of around $450 million. This only worsens Libya’s oil revenue losses amid the general global price decline seen this year.

He continued: “We presented a proposal to the Corporation’s administration addressing a comprehensive approach to the issues of swaps and smuggling, in addition to clarifying the misunderstood concept of the swap system, which has been inaccurately portrayed by some parties — leading to misleading information being passed to the Prime Minister.“

He stressed: “If the Prime Minister truly seeks investment and profit, he must take immediate steps to counter losses — which are no less significant than those caused by smuggling or unofficial oil sales. He must understand that bridging these gaps is key to the solution, and that change has become a national duty.“

He concluded: “These issues reflect undeniable indicators, supported by detailed evidence we possess. While we can’t reveal everything through the media, we call for corrective measures that uphold transparency.“

Exclusive: Central Bank Source Quoting the Governor: The People Must Defend Their Rights Before Paying the Price… Governor Has Neither Confirmed Nor Denied Intent to Resign

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Our responsible source at the Central Bank of Libya, quoting the Governor of the Central Bank, revealed: “The Governor has not officially confirmed his intention to resign, nor has he denied it.”

He continued: “Three sentences — the people must defend their rights before paying the price, and slogans like “Down with the Central Bank,” “Naji resigned,” “Naji stayed” — all lead to the same outcome in this chaos. Enough is enough!”

Exclusive: Source at the Central Bank Warns — Parliament’s Decisions to Control Public Spending and Currency Value Will Push the Country Into a Suffocating Crisis and Force the Governor and His Deputy to Resign

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Our source at the Central Bank of Libya revealed exclusively saying: “If the House of Representatives does not realize the gravity of its decisions regarding controlling public spending and does not respond to the Central Bank’s distress call to save the national economy.”

The source also added that the value of the currency will plunge the country into a suffocating crisis, for which no solutions will be effective to prevent the currency’s collapse, and the governor and his deputy will inevitably be forced to resign.

Africa Intelligence: National Oil Corporation faces mounting unpaid bills

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The French intelligence website Africa Intelligence reported on Sunday that the National Oil Corporation is facing a buildup of unpaid invoices.

According to the site, fuel import payments have been suspended, and the situation risks becoming critical, as the Central Bank of Libya has yet to reach an agreement with the concerned committee on a new financing mechanism.

Central Bank Overcomes Security Disruption with Emergency Plan and Confirms Continuation of Cash Distribution Until Thursday

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A confidential source at the Central Bank of Libya exclusively revealed the liquidity distribution plan is proceeding as required and will cover the needs of banks and citizens.

The source added: “There was some disruption due to security conditions in Tripoli, including the withdrawal of security personnel from the Central Bank and bank branches, which complicated the cash transport plan by land. Thanks to swift emergency planning and the safe return of facilities, along with support from other security agencies, the Central Bank and banks overcame all difficulties.”

According to the source, the distribution work will continue at an accelerated pace until next Thursday.

Exclusive: Two decisions in one day – Dbeibeh assigns Al-Abed to oversee both the Ministries of Education and Oil

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Our source has obtained the decision of the Prime Minister of the Government of National Unity appointing Ali Al-Abed to carry out the duties of Minister of Education, replacing Musa Al-Maqrif, who is currently under a detention order.

Additionally, exclusive oil sector sources revealed to our source that Al-Abed has also been assigned today to oversee the Ministry of Oil, as Minister Khalifa Abdulsadiq is on leave to perform Hajj.

Bloomberg: Oil exports from eastern Libya are certain to stop, with reports of force majeure declaration due to the storming of the NOC

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The American news agency Bloomberg reported on Thursday, citing the Libyan government in the east of the country, that oil production and exports may be halted in protest against the storming of the National Oil Corporation’s headquarters by armed groups allied with the Government of National Unity.

According to Bloomberg, repeated attacks on the National Oil Corporation and its subsidiaries may prompt precautionary measures, including the declaration of force majeure at oil fields and ports or relocating the Corporation’s headquarters to a safer city.