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The director of France Expertise clarifies the role of the Central Bank to encourage financial institutions

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The director of France Expertise, Julien Schmitt, told our source today, Wednesday, that the French Foundation provides the three components of the “E-nable” program in order to build the capacities of the Ministry of Economy and Trade, as well as the Ministry of Finance and some economic institutions participating in the service of diversifying the economy and enabling the business environment.

Schmitt explained to our source that supporting digitization is a very strategic project that includes issues of structuring and sovereignty of the Libyan economy in order to contribute to benefiting from digital innovations and sustainable development in Libya and providing answers to bridge the digital divide.

It also implements initiatives to access financing with the Central Bank of Libya by encouraging financial institutions to extend credit to the private sector, support innovative financial mechanisms, and provide financing tools and solutions for small and medium-sized companies.

Al-Aswad: “These are the details of the first Libyan digital platform in which seven sectors participate”

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The Vice President of European Union Programs to Support the Private Sector in Libya, Mohamed Al-Aswad, stated exclusively to our source: “Since 2016, France Expertise has been working with the European Union to support the improvement of the Libyan business environment, where work is focused on developing the business of the commercial registry and company registration, and improving Services related to Libya’s classification in the World Bank for business performance, because unfortunately, Libya’s rating was 186 out of 190 in 2020, and it is considered a very low rating.”

He added: “We have worked on improving access to finance with the Central Bank, establishing a ministry for small and medium projects in banks, and establishing microfinance. We are now working with the Central Bank in developing legislation related to leasing finance and what is known as venture capital and investment funds.”

He also said: “Today we are witnessing a ceremony honoring the Libyan expertise that participated in the establishment of Ejraat platform, which is considered the first digital Libyan platform with seven sectors participating, in cooperation between the General Information Authority, the Ministry of Economy and Trade and with the support of the European Union and France Expertise. This platform aims to simplify Procedures for the citizen and know the required procedures with full transparency, who are the authorities, their location and who is responsible for them. This is considered an advanced step for the ministry.”

The number of amounts transferred to the financial control authorities in cities through the salary item during the first months of this year, according to the Central Bank report

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The Central Bank of Libya mentioned in the last monthly report of revenues and expenditures all the amounts transferred within the salary section to the agencies affiliated with the Ministry of Finance from offices and monitors, including the Financial Services Monitoring of Tripoli that reached 774.78 million dinars, the Financial Services Monitoring Benghazi was more than 1,230 billion dinars, the monitoring Financial services of Ajdabiya which amounted to 127.57 million dinars, the financial services control of Al-Abyar which reached approximately 145.20 million dinars, the financial services control of Al-Bayda which reached approximately 323.80 million dinars and the financial services control authority of the western Zawia with an amount of approximately 124.14 million dinars.

The financial services control of Tobruk reached an amount of 185.58 million dinars, the financial services control of Tarhuna reached an amount of 155.68 million dinars, Misurata financial services control reached an amount of 216,164 million dinars, the financial services control in Sebha reached an amount of 114,144 million dinars, and the financial services control of Wadi Shati reached the amount of 165,898 million dinars.

The Audit Bureau stops the infringement on the funds of the telecommunications sector

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The Head of the Audit Bureau, Khaled Ahmed Shakshak, addressed the Prime Minister of the National Unity Government, Abdul Hamid Dbeibeh, in a correspondence obtained exclusively by our source for 2021, regarding allocating funds on newly created expenditures and financing them by disposing of the revenues of telecommunications companies, and that such a decision is illegal by law.

Shakshak listed the following reasons for the illegality: It was issued without a specialist, so the government is not allowed to allocate funds for new purposes that are not included in the general budget or without being within the framework of emergency financial arrangements, which is a negative for the powers of the legislative authority, that public companies are financially independent, the government is not allowed to direct the management of these companies to carry out actions against their will or spending in other than their plans and policies, which is negative for the competencies of the board of directors and the executive management and exposes them to indispensable liquidity risks.
The profits of public companies are considered sovereign resources that may not be used except within the framework of the general budget, in accordance with the powers and controls stipulated in the financial law of the state and other financial legislation.
It was not found also that the government took such decisions based on a future vision and a well-thought-out plan based on justice and sustainability, and taking into account the economic reform of the current deteriorating situation.
Shakshak stressed at the end of his speech that the government should follow the correct legal ways to finance its expenditures through the general budget or additional appropriations or emergency financial arrangements without going beyond them.

He added that the government should adopt rational policies in the management and use of public money that are based on sustainable development foundations, and take the path of reform and justice in its actions, in a way that contributes to addressing the financial and economic distortions that the state suffers from, which threatens to collapse if it continues to take such measures.

This correspondence comes to put an end to the government’s demands to fund the government’s expenses from telecommunications companies, as the government of Abdul Hamid Dbeibeh asked the Libyana and Al-Madar telecommunications companies to transfer more than one billion and a quarter Libyan dinars to the government, which was published exclusively by us, and later based on the decision of the General Assembly of the telecommunications company headed by Abdul Hamid Dbeibeh, stating to distribute part of the profits collected from the telecommunications sector in the amount of 200 million dinars to the Libyan Company for the Management of Partnership Projects with the Private Sector (PPP) affiliated to the Ministry of Finance and managed by Mr. Abdul Majeed Mleeqta.

It is noteworthy that the Tripoli Audit Bureau had previously suspended all procedures of the Libyan PPP Company and obligated it not to arrange any financial or legal obligations that it could not do after.

According to multiple sources, the repeated financial demands come in light of the pursuit of the Prime Minister of the National Unity Government, Abdul Hamid Dbeibeh, to find sources to finance his spending on the armed brigades that refuse the entry of the National Stability Government to Tripoli, after the Central Bank of Libya closed its doors in his face.

Al-Zubik reveals the future projects of the Ministry of Economy

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The Director of the Private Sector Development and Investment Department at the Ministry of Economy and Trade, Mussa Al-Zubik, said exclusively to our source: “A cooperation agreement was signed with Expertise France to start the third project with the “UNIPOL” Foundation. This project is considered a continuation of the previous projects that were carried out after the resounding success in these projects, including Libya’s nomination for an international award, among five countries out of 190 countries. This itself is considered to be the successful completion of a platform of actions in this regard.”

He added: “To complement the efforts made by the supporters of Expertise France to enable the administrative staff and authority of the Ministry of Economy and the relevant authorities on this platform, this will be the second and third step of these procedures.”

He continued: “The agreement is the beginning of a new project that has three main basics, which are to strengthen the capabilities of the Ministry of Economy, the digital transformation and economic diversity, and to assist the Central Bank of Libya in the process of accessing financing for small and medium projects after the successes we have undertaken in the projects.”

Dbeibeh decides to transfer part of the LPTIC profits to a company suspended by the Audit Bureau

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Our source obtained exclusively the decision of the General Assembly of the Libyan Post, Telecommunication & IT Holding Company headed by Abdul Hamid Dbeibeh, which issued his decision to distribute part of its profits collected in the amount of 200 million.

The amount was transferred to the Libyan Company for the Management of Partnership Projects with the Private Sector of the Ministry of Finance.

Al-Nafati: “Tadawul is working on developing the network in line with the provision of service to card “holders in various regions

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The Director of the Network and Sales Department at Tadawul, Aymen Al-Nafati, said in his statement to our source: “By issuing new cards and services in electronic payment methods, it has become very important to keep pace with this release in terms of its reflection on points of sale and electronic payment methods, as many services need many specifications in the means of acceptance, promotion and spread of points of sale based on the type of service and also on the presence of banks that contract with the company in terms of card holders and wallets.”

He continued by saying: “Tadawul is well studied according to accurate data and to the card issuance contracts through which these banks are present in those areas. As it is known that each bank has certain branches in the cities of Libya in the south, north and west, and through our study and the issuance of cards, we are working to develop the network in proportion to the provision of service to cardholders in various regions.”

Al-Nafati concluded his speech by saying: “We are always working to provide points of sale with a high level of service and efficiency, updating and rationalizing shop owners, raising their awareness and training them on new services and problems. We are present to have complete network stability at all times and places.”

After publishing its statement, the Central Bank issues its economic report for the first quarter of this year

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The economic bulletin issued for the first quarter of 2022 revealed an increase in money supply in the general sense, or what is known as local liquidity, to record a money supply of about 104.1 billion dinars, compared to 100.6 billion at the end of the last quarter of the last year 2021.

According to the bulletin, this increase is a result of the increase in demand deposits from 65.5 billion dinars at the end of the last quarter of 2021 to 69.4 billion dinars at the end of the first quarter of 2022, while the currency outside the banking sector recorded a decrease of about 800.0 million dinars at the end of the first quarter 2022 compared to the previous quarter. 

The economic bulletin data indicates that the money supply has witnessed a significant decrease in the year 2021, by about 25.0 billion dinars compared to the year 2020.

The monetary survey showed a decrease in net foreign assets by 9.5 billion dinars equivalent to 2.0 billion dollars, to record 337.0 billion dinars in the first quarter of 2022, compared to 346.5 billion dinars in the previous quarter.

The total assets (excluding the regular accounts) of the commercial banks combined increased from about 135.0 billion dinars at the end of the last quarter of 2021 to about 143.0 billion dinars at the end of the first quarter of the current year 2022.

The total loans and facilities granted by commercial banks increased from 19.6 billion dinars at the end of the last quarter of 2021 to about 21.4 billion dinars at the end of the first quarter of 2022.

The commercial banks collectively maintained a high level of liquidity in their treasuries during the first quarter of 2022, as the cash balance in March 2022 amounted to about 2.7 billion dinars, and 3.2 billion dinars at the end of February 2022, and this improvement is the result of lifting restrictions on foreign exchange operations.

The bulletin witnessed the regularity of banks selling foreign exchange for all purposes throughout the months of the year 2021, after adjusting the exchange rate starting from 2021, and this in turn was clearly reflected in solving the liquidity problem. Customer deposits with commercial banks increased from 92.1 billion dinars at the end of the fourth quarter of 2021, to 97.5 billion dinars at the end of the first quarter of 2022, equivalent to about 5.4 billion dollars.

Demand deposits constituted 79.7% of total deposits, time deposits constituted 20.0% of total deposits, while savings deposits constituted only 0.4% of total deposits.

Concerning the distribution of these deposits, the private sector deposits in the first quarter of 2022 amounted to 59.2 billion dinars, equivalent to 60.7% of the total deposits, while the balance of public and government sector deposits constituted the remaining 39.3%, equivalent to 38.3 billion dinars, of which 25.9 billion Dinars are deposits of public sector companies and institutions, and about 12.4 billion dinars are government deposits.

The economic bulletin for the first quarter of 2022, issued by the Central Bank of Libya, indicates that the inflation rate was recorded during the first quarter at 4.9% on an annual basis, adding that the data source is statistics and censuses. The general consumer price index rose during the first quarter of 2022 to record 284.6 points, an increase of 13.2 points on an annual basis, compared to 271.4 points during the same period of the previous year, as a result of the rise in prices in most commodity groups.

The food group index reached 323.5 points, an increase of 15.8 points, equivalent to 5.1%, and the clothing and footwear group record were 428.9 points, an increase of 17.1 points, equivalent to 4.2%.

The index of housing, water, electricity, gas and other types of fuel also increased, as it scored 186.6 points, an increase of 10.6 points, equivalent to 6.0%.

The index of the furniture and household appliances group also increased by 13.9 points to record 361.6 points, equivalent to 4.0%, and the health group scored 345.0 points, an increase of 10.2 points, equivalent to 3.1%.

The transport group index also recorded a remarkable increase of 19.9 points to reach 207.1 points, equivalent to 10.6%, and the communications group also increased the record by 0.6 points, to reach 83.6 points, which is an increase of 0.8%. The index of the entertainment and culture group scored 206.5, which represented an increase of 2.2 points equivalent to 1.1%. For the group of restaurants and hotels, the index also increased, recording 345.3 points and increased by 4.9 points equivalent to 1.4%, as well as the group of other goods and services witnessed an increase in the index of 11.3 points, recording 296.7 points and increased by 4.0%.

The index of the tobacco group decreased by 0.3 points, equivalent to 0.1%, while prices were stable in the education group.

The Italian Senate President denies to our source what was reported about Libya and Western governments

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The Italian Senate President, Stefania Craxi, said exclusively to our source today, Tuesday, that she denies the statements attributed to her in a number of media outlets regarding the Treaty of Friendship and Economic Cooperation between Libya and Italy, which was signed by former Italian President Silvio Berlusconi with the late Libyan Colonel Muammar Al-Gaddafi.

She stressed that she didn’t make any statements to the media hostile to Western governments about Libya.

Ben Ayed transfers 200 million to PPP suspended by the Audit Bureau

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Communications sources revealed exclusively to our source that the head of the Telecom Holding Company Mohammed Ben Ayed transferred an amount of 200 million to the Libyan Public Private Partnership company, managed by Abdul Majid Mleigta.

According to the sources, the request was made based on the letter of the Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh. It is mentioned that the Audit Bureau of Tripoli has suspended all procedures of the PPP company and obligated it to not arrange any financial or legal obligations that it cannot fulfill.

The expenditures of all government authorities detailed

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The report of the Central Bank of Libya, which includes the expenditures of the state’s public authorities, clarified what the House of Representatives spent during the period from January to May 2022. Its expenditures amounted to 319.179 million, and the expenses of the highest state amounted to 24.120 million, while the Presidential and its affiliated entities spent 161.025 million, the Council of Ministers and its affiliated entities spent 314,258 million, the Finance Ministry 8.770 billion, the Defense Ministry 359 billion, the Interior Ministry 996.016 million, the Justice Ministry 402.144 and the Foreign and International Cooperation Ministry spent 471.927 million.

The Ministry of Oil and Gas spent 3.706 billion, the Ministry of Health 2.148 billion, the Education Ministry spent 129.303 million, the Higher Education and Scientific Research Ministry spent 589.606 million, the Technical and Vocational Education Ministry spent 428.364 million, the Economy and Trade Ministry spent 17.060 million, the Industry and Minerals Ministry spent 4.761 million, the Transportation Ministry spent 69.912 million, the Social Affairs Ministry spent 5.917 billion and the Planning Ministry spent 5.169 million.

The Ministry of Local Government reached 339.668 million, of Agriculture and Livestock reached 85.530 million, of Marine Wealth reached 28.590 million, of Labor and Rehabilitation reached 7.681 million, of Housing and Construction reached 26.693 million, of Tourism and Handicrafts reached 49.122 million, of Culture and Knowledge Development reached 21.673 million, of Sports reached 42.496 million, of Youth 5.184 million, of Civil Service reached 1.864 million, and of water resources reached 113,831 million.

The Ministry of Environment amounted to 4.654 million, the Ministry for the Affairs of the Families of the Martyrs and Missing amounted to 70.085 million, the General Authority of Awqaf and Islamic affairs amounted to 80.536 million, the General Authority for Communications and Informatics amounted to 10.663 million, the General Electricity Company amounted to 400,000 million, and the National Oil Corporation (emergency and temporary financial arrangements) amounted to 3.957 billion. Thus the total expenditures amounted to 31.081 billion.

The expenditures of the Ministry of Foreign Affairs and its embassies, according to the statement of the Central Bank of Libya for the month of May

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The report of the Central Bank of Libya, which includes the expenditures of the state’s public agencies, clarified what the Ministry of Foreign Affairs and International Cooperation spent during the period from January to May 2022, starting with the office of the Ministry of Foreign Affairs and International Cooperation with a value of 147.26 million and embassies abroad with more than 186 million dinars.

The Libyan Embassy in the French capital, Paris, spent 779.9 thousand dinars, the Libyan Consulate in Istanbul spent 5 million dinars, the Libyan embassy in Austria spent 37.71 thousand dinars, the Libyan embassy in Australia spent 360.12 thousand dinars, the Libyan embassy in Egypt, Cairo, spent 14.72 million dinars, the embassy Libyan in Morocco spent 180,67 thousand and in Ukraine spent 2.52 million dinars.

The Libyan Embassy in the Czech Republic in Prague spent 105.60 thousand dinars, in Turkey, Ankara, spent 61.36 million dinars, in the UAE capital, Abu Dhabi, spent 27.71 thousand dinars and in the Kingdom of Spain spent 508.51 thousand dinars.

The Libyan embassy in Portugal, Lisbon, spent 35.2 thousand dinars, in Bosnia and Herzegovina spent 27,66 thousand dinars, in Algeria spent 36,19 thousand dinars, in Denmark spent 42,74 thousand dinars, in Sudan spent 196.84 thousand dinars, in Sweden spent 79.62 thousand dinars, and in China spent 128,57 thousand dinars.

Also, the expenditures of the Libyan embassy in India were 316,35 thousand dinars, in Greece were 41,90 thousand, in Indonesia were 257.14 thousand, in Italy were 532,13 thousand dinars, in Slovakia were 416,53 thousand dinars, in Germany were more than 6,047 One million dinars, in the United Kingdom were 14.76 million dinars and in Bulgaria were 72,075 thousand dinars.

The expenditures of the Libyan Embassy in Poland were 362,05 thousand dinars, in Tanzania were 177.08 thousand dinars, in Tunisia were 898.16 thousand dinars, in South Africa were 469 thousand dinars, in Belarus were 1.98 million dinars, in Romania were 98,05 thousand dinars, and in Switzerland were 42,74 thousand dinars.

The Libyan Embassy in Serbia spent 5.39 million dinars, in the Qatari capital, Doha, spent 34.65 thousand dinars, in Nigeria spent 31.57 thousand dinars, in Hungary spent 32.69 thousand dinars, in Jordan spent 5,499 million dinars, and in the Kingdom of Saudi Arabia spent 317,41 thousand dinars.

The expenditures of the Libyan Embassy in Malaysia were 12,755 million dinars, in Brazil were 73.91 thousand dinars, in the Philippines were 30.03 thousand dinars, in Russia were 30,03 thousand dinars, and in the Sultanate of Oman were 55,43 thousand dinars.

The Libyan Embassy in Cyprus spent 87.16 thousand dinars, in Vietnam spent 1.38 million dinars, in Ireland spent 126,55 thousand dinars, in Lebanon spent 144.74 thousand dinars, and in Bahrain spent 31,57 thousand dinars.

The total expenditures of the Ministry of Foreign Affairs and Cooperation and its affiliates during the first five months of this year amounted to 471.93 million dinars.

A monthly report of the Central Bank of Libya reveals the total revenues and expenditures for 2022 until the end of last May

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The Central Bank of Libya said in a statement today, Monday, June 6, 2022, in a detailed report that the value of oil sales revenues as of May 31 amounted to 37.4 billion, the revenue from oil royalties amounted to 4.7 billion, and the revenue from royalties from previous years was 11.4 billion.

Tax revenues amounted to 602 million, while customs revenues amounted to 34 million, communications revenues amounted to 146 million, fuel sales in the local market amounted to 60 million, and other revenues amounted to 210 million, so that the total revenue in full to 54.6 billion dinars.

On the other hand, the total expenditures in Chapter One (salaries) amounted to 16.4 billion, Chapter Two (administrative expenditures) amounted to 2 billion dinars, and Chapter Three reached 118 million, which represents scholarships for students abroad for the first quarter of this year.

The fourth chapter on support worth reached 8.6 billion dinars and the exceptional budget amounted to 4 billion dinars, with a total expenditure in all chapters amounting to 31.1 billion dinars.

The Central Bank clarifies new details during its monthly report on revenue and spending

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The Central Bank of Libya said during its monthly statement of revenue and expenditure that this report comes to achieve higher rates of disclosure and transparency in response to local and international demands, and that it is continuing its efforts to develop disclosure in cooperation and coordination with the rest of the state institutions.

He stressed that this statement includes 36 sectors financed by the state’s public treasury, which are followed by approximately 834 public entities.

The report, in its latest version added to it the amounts transferred to Libyan embassies abroad, stresses that government spending is made from state revenues through exchange permissions from the Ministry of Finance and based on the agreement with the Ministry, it will disclose in detail the amounts transferred to the Financial Services Controllers starting from this month.

The Central Bank of Libya also said that it had asked the Medical Supply Authority to disclose the details of the supplied drugs and the parties benefiting from them, noting that the revenues, worth 210 million dinars, came from the services provided by the Financial Services Controllers.

Foreign exchange revenues amounted to 11.5 billion dollars, 2.5 billion of which are taxes from previous years, while total uses amounted to 11.1 billion dollars.

An amount of 24 million dollars was also allocated to grant scholarships to students abroad from Chapter Three (Development) for the first quarter of 2022.

Moreover, salaries for workers abroad amounted to 59 million dollars, treatment abroad amounted to 80 million, fuel subsidy was zero, the Oil Corporation reached to 14 million, remittances in favor of other parties amounted to 117 million, payments of existing credits to public bodies including the medical supply system that amounted to 157 million, the General Electricity amounted to 266 million, education and higher education amounted to 50 million and other destinations reached 84 million, the total state uses of documentary credits amounted to 4.087 billion, remittances amounted to 47 million, personal purposes amounted to 2.927 billion, the total uses of banks reached 7.062 billion, commitments of documentary credits reached 3.162 billion, and the total uses of foreign exchange sales amounted to 11.075 billion.

Nuran Bank supports the Sports Club of Abi Al-Ashhar in Tajura

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Nuran Bank has supported the Abi Al-Ashhar Sports Club, which participates in the First Division Clubs League for the Western and Eastern Region to qualify for the Premier League, where the League is run in the region of (Al-Bayda – Shahat – Al-Qubba).

This was under the general supervision of the Libyan General Football Association, the Abi Al-Ashhar Social Cultural Sports Club of Tajura, and with the participation of many clubs in the eastern and western regions.