A member of the Directors Board of the Central Bank of Libya, Muraja Ghaith, revealed exclusively to our source about the developments of the unification of the Central Bank of Libya.
He revealed: “There is an important meeting that started today 21/04 and we hope that all matters will be agreed upon, even if that is unlikely in light of the political tensions.”
The economic expert, Mohamed Al-Rafadi spoke exclusively to our source, saying: “The Libyan economy exists in a constantly troubled climate because it works according to the whims and struggles of politicians, so the problem is not considered as new.”
He added: “The economy is directly affected by politics, whether externally or internally, and therefore we must divide the situation into two parts. The first externally, which is the repercussions of the Russian-Ukrainian conflict and how it affected both the oil and food markets at the same time. As we know, Libya has a single source of income, which is oil and this source is linked to the entire external world, however the internal repercussions are an extension of the external repercussions, but with a local color.”
He continued: “Frankly, the absurdity that affects the economy as a chronic disease has not been cured at all. However, it is treated as if it was a “legacy in a wardrobe” fund, which they withdraw from without putting it in. The Libyan problem is structural in the first place. The existing economic structure is very distorted, in addition to what we need is A structure that brings us to a situation of diversity, and this is currently unattainable because the political situation is fragmented and divided and every day it gets worse. The one who pays the price is the citizen, he is the one who pays this exorbitant bill.”
In conclusion, he said that “the negative effects are summed up in the missed opportunity, the price of a barrel is approximately 520 Libyan dinars per barrel, and this price is enough to put several palliatives that can raise the standard of living for citizens. This closure will be a strong argument for the international world to intervene and perhaps isolate the oil system permanently from the competing authorities.”
The ministerial committee concerned with the initiative to facilitate the benefit of housing for youth and needy families, headed by the Minister of Housing and Reconstruction Abu Bakr Al-Ghawi, and in the presence of the Ministers of Local Government Badr El-Din Al-Toumi, and of Youth Fathallah Al-Zinni, held a meeting with the interests of real estate registration and state property departments, contracting companies and real estate developers, to follow up on the implementation of the initiative, and actually start sorting requests.
The number of requests for the initiative to facilitate the benefit of housing for youth and needy families reached one million and thirty thousand requests.
The spokesman for the Libyan government of the House of Representatives, Uthman Abdul Jalil, announced that the first meeting of the Council of Ministers will be held Thursday in the city of Sebha. This will be in order to discuss the preparation of the draft general budget and the government program.
The economic advisor, Wahid Al-Jebu stated exclusively to our source, saying: “The closure of the fields in the western region, including the El Feel field, which produces about 70,000 barrels, as well as the Sharara field, which produces more than 340,000 barrels, is a loss for the Libyan economy. Libya loses daily because of the closing, about 35 million dollars and we really need that money.”
Al-Jebbu added: “There is also a closure of the Zueitina port, which was announced by the National Oil Corporation through what is called force majeure, and this harms the Libyan economy. Many civil society organizations and economic experts have called for the oil sector to be kept away from any political rivalry, and therefore the sector should not be used in a power struggle or any other political conflicts, because it brings very negative results on the Libyan economy, especially in these years of suffering . The Libyan state has been suffering from instability for more than ten years, and we hope that all economic institutions will be reunified as soon as possible and the division in these institutions will end. Thus the political division will end so that we can rebuild and establish the Libyan state.”
Wahda Bank announced exclusively to our source, that the children’s allowances will be included in customers’ accounts and that its branches will continue to be provided with cash.
Yesterday evening, the bank revealed the receipt of the six-month children’s grant allocations transferred from the Ministry of Social Affairs through the Central Bank of Libya, and work is underway to include it in the accounts of its beneficiaries, and confirms the continued availability of cash.
The Director-General of the General Authority for Investment Promotion, Abdulaziz Al-Shawesh, said in an exclusive statement to our source: “I have participated in a meeting today with the American company specialized in generating electric power and evaporating sea water. This meeting was to listen to the presentation submitted by the company, in the presence of specialists, both the General Authority for Investment Promotion, the Authority of Renewable energies, the Minister of Economy and some experts in the field of renewable energies.”
He added, “I have identified some meetings that could be tomorrow with the head of the Electricity Company, the Ministry of Water Resources and the National Oil Corporation regarding listening to the requirements in each sector to extract this energy.”
He also continued by saying: “This project will contribute to providing energy, especially electricity generation, and also this energy will be clean and renewable, and now the world is heading to clean or alternative electricity, in addition to everything that is provided with alternative energies than oil. Oil will be for sale and achieve more profits.”
He concluded his speech by saying: “This project is using a new technology, so it is difficult to determine when the project will exist on the ground, because there will be a study phase for the project in all sectors. So, we have to be careful to take the technical opinion of the sectors and also, the company will study the requirements from the Libyan side And there will be a work session to take approvals.”
The Minister of Economy and Trade in charge, Ali Al-Abed, told our source regarding the renewable energies project, that: “We met today in the presence of the General Authority for Investment Promotion and Privatization Affairs and the Renewable Energy Authority with an American company specialized in generating energy using solar energy. It is an unconventional project like its predecessor, in which hydrogen is used to produce energy and also to supply potable water.”
He continued by saying: “The project will provide a lot of energy resulting from renewable resources that will contribute to reviving the Libyan economy that is based on oil only in the field of energy, which is a pulsating natural resource that does not exist constantly, so we have to search for alternative sources in the country to support the economy and industry.”
He also added: “Some in the Investment Authority are in constant contact with the American company concerned in this regard, and this company has a successful project in the State of Morocco, so we invited them to meet with us, as Minister of Economy in charge, to support this important step to be one of the most prominent tributaries of the Libyan economy. We approved the foreign company because it has the potential to produce 500 megawatts of power.”
The head of the media team at the Ministry of Finance in the Government of National Unity, Omar Bseisa, confirmed in an exclusive statement to our source about the salaries of the education sector, which included the increase according to Law 4 of 2018.
He confirmed that salary increases are continuing, and they won’t stop for sure.
An informed source revealed, in an exclusive statement to our source, that the employees who are awaiting financial releases, whose procedures have been completed and nearly their files meet the requirements, according to the Financial Releases Committee, exceed 100,000 employees distributed over hundreds of agencies.
In addition, many entities have shortcomings for release, such as accrediting the staff, and their number also reaches approximately 100,000 or more, according to the source.
The Libyan businessman Husni Bey said about the sinking of the Xelo ship near the Tunisian coast, that this is a policy of suicide and madness.
Husni Bey revealed that this ship was working on the Libyan oil smuggling line to Malta of 700 thousand liters, with a market value of 700 thousand dollars = 3 million dinars per trip.
He revealed that (a subsidized price of 100,000 dl) was stolen and the people of Libya lost 2.9 million dinars in one day.
The meeting of the Minister of Economy and Trade in charge, Ali Al-Abed, with a number of investment authorities, began, today, Tuesday, April 19, 2022,
The meeting discussed the investment file, in the presence of the Minister of Renewable Energy.
The Director General of the Economic and Social Development Council, Mahmoud Al-Futaisi, stated exclusively to our source during the launch of the dialogue session on the global economic crisis and its repercussions on the Libyan economy, saying: “The aim is how we can come up with a plan to avoid the effects of the global economic crisis on the situation in Libya, especially with regard to food.”
He added: “We stressed the importance of the food security strategy, and we miss this real plan, as we are a rentier country that depends on oil and imports. We do not have a large production, and this crisis has raised the alarm. We have to think of alternatives to avoid falling into the prohibitions.”
During the launch of the dialogue session on the global economic crisis and its repercussions on the Libyan economy, economic advisor, Wahid Al-Jebu, spoke exclusively to our source, saying: “Because of the Ukrainian-Russian war, there are repercussions, but they will not affect us significantly because we are only seven million people. Grain and wheat can be provided from other markets, and I think that the Ministry of Economy and Trade is seeking to do so.”
He added: “As we know that Russia and Ukraine are among the largest exporters of grain and wheat, but I think it will be affected more by countries with more populations, such as Egypt, Morocco and Algeria. Libya has a positive side to this crisis, due to the high oil prices. The Libyan side has benefited, because its exports are more than one million barrels, and through this crisis, I have received more than 100 dollars, and this is in the interest of the Libyan economy for this year. There will be no deficit in the next budget.”
He continued by saying: “We know that during the past years there was a deficit in the general budget, payments and imports, for all the coming years, as with the rise in oil, the Libyan treasury will achieve a surplus. This, if the so-called closing of oil fields is removed, and we hope that all fields and the oil sector in general remain away from political conflicts and thus achieving the goals, because the National Oil Corporation is a technical institution and the Libyan oil companies affiliated with it work in the field of oil production and export and maintenance of equipment, wells and oil fields and have nothing to do with political quarrels.”
The designated Minister of Civil Service, Ali Al-Abed, stated exclusively to our source regarding the financial releases, saying that “All files of the last batch of releases have been transferred to the Ministry of Finance.”
He added: “We are currently working on the release of delayed salaries, and the Ministry of Finance is taking care of the matter.”
