Bank ABC revealed its financial results for the third quarter of 2023, where net profits attributable to the shareholders of the parent company amounted to $183 million.
The bank also won a number of prestigious awards for its commitment to providing a unique banking experience for companies and individuals.
The Chairman of the Board of Directors of the Bank Group, Saddek Omar Elkaber, commented by saying that the group’s balance sheet is sound and strong with strong capital ratios and liquidity, as the consolidated net profits to shareholders of the parent company for the third quarter amounted to $62 million.
ElKabir inaugurates the second workshop aimed at aligning with the most current banking supervision standards and requirements. The event was attended by his deputy, Marai Al-Barasi, as well as the Director of the Banking and Monetary Supervision Department, directors of risk departments, and the heads of units responsible for implementing Basel guidelines in banks. This workshop was organized by the Supervision Department.
The spokesman for the Man-Made River Authority, Salah Al-Saadi, told our source that water had stopped in the city of Gharyan, and the areas located from Tarhuna in the east to Al-Ruhaibat in the west.
Al-Saadi added that the water outage was due to a technical defect in Station 6, close to the Wasifa reservoir, which led to the water being shut off.
Al-Saadi also confirmed that the maintenance process requires a maximum of 6 days, to enable the device’s technicians to complete the repair of the fault.
Marrakesh, Kingdom of Morocco – In a momentous gathering of economic leaders from around the world, H.E. Mr. Saddek Omar Elkaber, Governor of the Central Bank of Libya, held a crucial dialogue during the plenary session of the annual meetings of the International Monetary Fund (IMF) on Friday, October 13th. The high-level meeting saw the participation of notable figures including the President of the World Bank, Ajay Banga, and the Managing Director of the International Monetary Fund, Kristalina Georgieva.
The central theme of the discussions revolved around global economic and financial conditions and their far-reaching effects on both developed and developing nations. The conference also delved into the measures necessary to alleviate poverty and pave the way for sustainable development in African countries, emphasizing the need for greater representation of African nations in international financial institutions, with a special focus on reforming the International Monetary Fund.
High-level economic discussions at the IMF annual meeting, featuring prominent global financial leaders, in Marrakesh
One of the most significant outcomes of this meeting was the unanimous agreement on supporting coordination efforts between the International Monetary Fund and the World Bank. The primary objective of this collaboration is the adoption of economic and financial policies that will serve to safeguard monetary and financial stability on a global scale.
The dialogue conducted during this annual meeting served as a testament to the growing interdependence of nations and the critical need for global economic cooperation. As the world grapples with economic challenges and the pursuit of sustainable development, the voices of central bank governors, finance ministers, and international financial leaders have never been more important.
The annual meetings of the International Monetary Fund continue to be a key platform for addressing pressing global economic issues and finding cooperative solutions that will foster financial and monetary stability. H.E. Mr. Saddek Omar Elkaber’s participation underscores Libya’s commitment to contributing to these crucial conversations and seeking a brighter economic future for all nations.
In a high-level meeting held during the annual meetings of the International Monetary Fund in Marrakesh, Kingdom of Morocco, H.E. Mr. Saddek Omar Elkaber, the Governor of the Central Bank of Libya, and his team engaged in discussions with prominent figures in the global financial community. The attendees included Ajay Banga, President of the World Bank, and Kristalina Georgieva, Managing Director of the International Monetary Fund, along with central bank governors and finance ministers from various countries.
The primary focus of the discussions revolved around the current state of the global economy and its impact on both developed and developing nations. Participants delved into measures needed to alleviate poverty and foster sustainable development across the African continent. Additionally, the attendees emphasized the importance of providing greater representation for African countries within international institutions, with a particular emphasis on the International Monetary Fund.
The discussions acknowledged the rising significance of Africa in the international economic sphere
One of the key outcomes of the meeting was a consensus on the necessity of enhancing coordination efforts between the International Monetary Fund and the World Bank. This collaboration aims to ensure the adoption of economic and financial policies that prioritize and maintain financial and monetary stability in the ever-changing global economic landscape.
The talks held during this significant plenary session reaffirmed the commitment of global economic leaders to address pressing issues, such as poverty alleviation and sustainable development, while recognizing the growing importance of Africa in the international economic arena. These discussions mark a step toward a more balanced and inclusive approach to global economic governance, with a special focus on the African continent.
In a meeting conducted on Wednesday, the 11th of October in Marrakesh, Kingdom of Morocco, Mr. Maree Muftah Raheel Al-Barasi, Deputy Governor of the Central Bank of Libya, and his team engaged in discussions with Mai Khamis, the Deputy Director General of the Monetary Policy and Financial Markets Department at the International Monetary Fund.
The discussions revolved around measures for ensuring balance of payments stability, monetary policy controls and mechanisms, as well as the latest strategies for managing foreign reserves and the capacity building program.
Expressing solidarity and condolences to the victims of Hurricane Daniel, the meeting focused on strengthening cooperation between the two banks, the follow-up on recommendations from the March 2023 Washington meeting, an evaluation of the performance of Japanese companies engaged in reconstruction and energy projects, and a comprehensive analysis of the conditions in Asian markets.
This meeting took place on Wednesday, the 11th of October, 2023, in Marrakesh, Kingdom of Morocco, and involved Mr. Mari Moftah Al-Barasi, Deputy Governor, and the Central Bank of Libya team, along with Mr. Yuki Mizunoe, Regional Director of Mizuho Bank, and his accompanying team.
The central discussion points in the meeting between H.E. Mr. Saddek Omar Elkaber, Governor of the Central Bank of Libya, and Mr. Dominique de Villepin, a renowned economic expert and former Prime Minister of France, in Marrakesh, Kingdom of Morocco, encompassed geopolitical conflicts, climate change, consequential economic developments, virtual currencies, associated technologies, and the role of AI.
During the meeting in Marrakesh, Kingdom of Morocco, on the 10th of October, H.E. Mr. Saddek Omar Elkaber, the Governor of the Central Bank of Libya, and his team, in the presence of Kristalina Georgieva, the Managing Director of the International Monetary Fund, convened with the governors from the Group of Sub-Saharan African Countries within the Africa Caucus of the IMF.
The discussion encompassed an assessment of global economic conditions, the region’s status, and the International Monetary Fund’s role in promoting financial sustainability among its member states. Furthermore, the meeting aimed to enhance the group’s representation on the Fund’s Board of Executive Directors.
During the meeting convened on the 11th of October 2023 in Marrakesh, Kingdom of Morocco, H.E. Mr. Saddek Omar Elkaber, the Governor of the Bank of Libya, engaged with regional governors from the Middle East and Central Asia.
The meeting, attended by the President of the International Monetary Fund, Kristalina Georgieva, and the Director of the Fund’s Middle East and Central Asia Department, Mr. Jihad Azour, centered on the economic and financial challenges in the region amidst global inflation.
Additionally, they delved into discussions on credit and liquidity risks within the banking sector, particularly in a stressful environment, and explored strategies aimed at bolstering precautionary measures.
H.E. Mr. Saddek Omar Elkaber, the Governor of the Central Bank of Libya, and his team, engaged in discussions with Anne Baum, the Director of Central Banks and International Account Services at the US Federal Reserve Bank, and her team. They reviewed the progress made by the Central Bank of Libya in achieving compliance requirements and discussed the upcoming capacity building program scheduled for November 2023 in Abu Dhabi.
This program is a collaborative effort between the Federal Reserve Bank and the Arab Monetary Fund. Additionally, they explored opportunities for enhancing cooperation through the introduction of innovative investment instruments aimed at bolstering the financial returns of the bank’s reserves. This meeting took place on Thursday, October 12, 2023, in Marrakesh, the Kingdom of Morocco.
Our private source revealed exclusively that the meetings of the Libyan financial and monetary institutions are being held on the sidelines of the annual meeting of the international institutions “the World Bank and the International Monetary Fund,” which is held with the international institutions in Morocco and will last from October 9 to 15.
According to the source, Libya is present as a contributing country to the World Bank and the International Monetary Fund.
The source reported exclusively to Sada that these meetings’ primary goal is to approve policies aimed at eliminating poverty in all its forms throughout the world.
The National Unity Government participated in these meetings through its Vice President, “Ramadan Abu Jannah,” and its Minister of Finance, “Khaled Al-Mabrouk,” and on behalf of the Governor’s Central Bank and its team.
H.E Mr. Saddek Elkaber Governor of the Central Bank of Libya, and his team held a meeting with Mr. Clive Cacher, CEO of De La Rue, and the team accompanying him, today, 10th of October 2023 in Marrakesh, Kingdom of Morocco to discuss unifying the Central Bank of Libya, the global shift from traditional currency to digital currencies, and the Central Bank of Libya’s strategy for digital transformation.
Our source has exclusively obtained the official letter that the Libyan Ministry of Finance has sent under the National Unity Government to the head of the Administrative Control Authority. In the letter, they request authorization to coordinate with financial entities responsible for providing services that can alleviate the suffering of residents in disaster-affected areas in eastern Libya, which were struck by severe floods.
The Ministry’s request includes various aspects:
The World Bank’s commitment to conducting a rapid assessment of flood damage and needs, allocating $500,000 for a systematic assessment of disaster effects, using satellite imagery and international best practices for assessment.
The evaluation of necessary requirements for sustainable recovery in affected sectors, including social development, infrastructure, and production sectors. This includes ensuring a link between humanitarian action, development, and peace.
The comprehensive disaster recovery framework that will cover 19 different sectors, such as housing, municipal services, education, healthcare, social protection, agriculture, irrigation, energy, digital development, water, sanitation, water resource management, cultural heritage, the overall economy, poverty, social integration, and the environment. The initial assessment will be completed within three weeks, while the comprehensive assessment will take six to seven weeks.
The technical assistance to design an emergency cash transfer system and manage reconstruction funds. The World Bank is working on an exception mechanism to allow it to manage funds allocated by the Libyan government for the reconstruction of flood-affected areas. This mechanism will ensure direct assistance through specialized technical teams managed by the bank.
The Islamic Development Bank’s allocation of $1.5 million from the 2023 Operational Work Plan budget for short-term immediate support to address the urgent humanitarian situation in Libya. UNICEF is implementing this support, which includes water and sanitation supplies, hygiene promotion, and early recovery activities.
The African Development Bank’s allocation of $1 million from its Relief Emergency Fund to UNICEF for immediate support in water, sanitation, health, and education for flood-affected populations.
The partnership to respond to emergencies by coordinating with reputable NGOs operating in Libya to meet the urgent needs of affected populations, including food and non-food items.
The government is actively seeking international support to address the disaster’s aftermath and is taking various measures to provide immediate and long-term assistance to affected regions.
