Benghazi Chamber of Commerce participates in Libyan Egyptian Business Forum in Alexandria
Benghazi Chamber reported that the forum witnessed a high attendance of leaders of the public and private sectors, where participants discussed the prospects of economic cooperation and the role of the private sector in supporting stability and development.
Further, it affirmed that its participation comes within its strategic vision to enhance regional cooperation, empower the private sector, and expand the horizons of international partnerships that serve the national economy.
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More than 34 Egyptian companies establishing a company in Libya to establish an industrial city in Libya
More than 25 Egyptian companies to invest in Libya and participate in reconstruction projects
Libyan Egyptian Industrial Trade Forum opens in Benghazi
Libyan Egyptian Economic Forum held in Tripoli from 13 to 14 October
Benghazi based Libyan Egyptian Paper Industries Company is preparing to resume operations
The Libyan Egyptian Trade Forum will be held in Benghazi from 23 to 26 February
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Libya Herald
5 hours ago
- Libya Herald
Brega begins its fuel truck e-tracking system to counter smuggling
Libya's Brega Oil Marketing Company, the National Oil Corporation's (NOC) subsidiary charged with fuel imports and distribution, announced today that it has started its automated fuel truck tracking system. Brega said the operations and automated tracking room was inaugurated by its Chairman, Fouad Ali Balrahim, in the presence of Board members and several managers and company officials. A quantum leap Brega said the step is a quantum leap in direct communications with the drivers of the company's fuel trucks and immediate response to any emergency faced by the company's drivers, as well as enforcing regulations on speed compliance and good behaviour on the public road. Brega said that among the most important advantages of the system are: * The possibility of direct communication with drivers. * SOS emergency alarm system. * Ability to stop the truck engine remotely. * Accurate identification of cargo unloading locations. The project was implemented under the supervision of the General Directorate of Information and Communications Technology, and will manage the main operations room of the tracking process in cooperation with the departments concerned with controlling the movement of fuel trucks. This project, Brega added, underscores its commitment to digital transformation and enhanced oversight to serve the public interest. If successful, a possible quantum leap in Libya's anti-fuel smuggling efforts? Successive Libyan governments since the 2011 revolution have made unsuccessful efforts to counter the country's huge cross land and sea border fuel smuggling problem. Last month, Naji Issa, Governor of the Central Bank of Libya put the country's annual fuel smuggling bill at about LD 20 billion (US$ 2.7 bn). This equates to about a third of all annual government fuel subsidies. The launch of e-tracking of fuel trucks is part of the government's wider effort to counter this fuel smuggling across land to neighbouring countries and across the sea to states where fuel prices are unsubsidised to the high levels of Libya. A subsidised litre of petrol in Libya today costs LD 0.15 – about US$ 0.02. It will be recalled that in July 2024, Tripoli based Libyan Prime Minister, Abd Alhamid Aldabaiba, and the head of the Audit Bureau, Khaled Shakshak, attended a workshop on launching an enhanced fuel truck tracking and fuel monitoring system on Brega fuel trucks. This ''anti-fuel smuggling system'' involves converting the fuel outlet valves on fuel delivery trucks from simple mechanical valves that can be opened by anyone at any time, to electronic valves that can only be opened at the targeted petrol station. The system also includes an electronic fuel gauge to measure the amount of fuel delivered; electronically sealed fuel inlets and control cameras fitted to the delivery truck. In parallel to this, an electronic gauge is to be installed at the fuel tanks in petrol stations. Formation of a technical committee At the workshop, the Prime Minister directed the formation of a technical committee from all relevant authorities to evaluate the system and the practical steps to be taken to ensure its implementation throughout the country. Fuel consumption quotas for citizens and unsubsidized prices for foreigners Moreover, at the July 2024 workshop, subsequent possible and more advanced phases of the system included fitting electronic fuel pumps at petrol stations that can identify if the refuelling citizen's car has used up its allotted subsidised fuel consumption quota, if it is reported as stollen, or if it belongs to a foreigner. Foreigners could pay higher unsubsidised fuel price The system could be set up so thatforeigners would pay a higher unsubsidized price for petrol. Quotas are the average worked out by the government of how much fuel the average Libyan citizen consumes per day/week/month/year. Fuel consumption quotas are part of the government's plans to reform fuel subsidies by paying citizens directly the average amount of fuel they consume while raising fuel prices. This is to reduce the abusive consumption and smuggling of fuel across Libya's porous borders. . Attorney General holds anti-fuel smuggling high summit Ten expatriates convicted for smuggling 1.185 million litres of fuel off the coast of Zuwara Committee discusses regulation and fuel smuggling prevention system provided by Al-Namaa Oil Investment Company PM Aldabaiba attends workshop on an experiment of an electronic system to prevent fuel smuggling Secular and religious agree on need for Libya's gradual energy subsidy reform IMF study entitled 'Energy Subsidy Reform in Libya' concludes that reform is crucial as subsidies lead to overconsumption and premature resource depletion NOC chairman Bengdara says his organisation is not a security force to combat fuel smuggling ( Aldabaiba forms ministerial committee to study mechanism for fuel subsidy reform – again ( Supreme Council for Energy adopts NOC 2023-2027 plan, including alternative energy project ( Attorney General bans 15 petrol stations for fuel smuggling abroad ( Prosecutor orders fuel supply ban on 32 petrol stations accused of complicity in fuel smuggling ( Upon Attorney General's order, Brega stops supplying 32 petrol stations accused of fuel smuggling ( At Gharian cabinet meeting, Aldabaiba explains fall in black-market value of dinar and resounds alarm over fuel subsidies ( Ministry of Oil concerned about negative effect of UN report on fuel smuggling on sector investment ( Zawia Public Prosecutor orders detention of militia commander guarding Zawia refinery for fuel smuggling ( Attorney General takes measures to combat Zawia refinery fuel smuggling through security apparatus ( Economy Minister follows up on fuel distribution and counter-smuggling efforts including GPS tracking In an effort to counter fuel smuggling, the Economy Minister orders fuel trucks to be fitted with GPS tracking devices ( GPS truck tracking to be used to counter fuel smuggling, profiteering by fuel distributors will be penalized ( Libya's fuel smuggling: a new Swiss connection is revealed ( Alternatives to fuel subsidies with cash payments delivered to Aldabaiba ( Libya evaluating subsidies for renewable energies – within existing fuel subsidies ( Prime minister Aldabaiba forms Ministerial committee to study reforming fuel subsidies, orders payment of family grant, increases pensions ( Brega claims it can assess demand, manage smooth fuel distribution and reduce its smuggling ( Libya's annual fuel bill rose to US$ 12 bn due to increased electricity production ( Fuel quantities, smuggling and subsidy reform – and increased oil production through PPP discussed at summit meeting ( 44 Brigade continues fight against fuel smugglers – LibyaHerald GPS truck tracking to be used to counter fuel smuggling, profiteering by fuel distributors will be penalized – LibyaHerald Libya's fuel smuggling: a new Swiss connection is revealed – LibyaHerald AG issues arrest warrants, freezes bank accounts of fuel smuggling petrol station owners. – LibyaHerald Fuel smugglers' sites bombed by Air Force, petrol stations shut down as part of continuing anti fuel smuggling drive – LibyaHerald PC Air Force supports NOC's anti-fuel smuggling initiative – LibyaHerald Libyan fuel smuggling is part of an international smuggling network: Attorney General's office – LibyaHerald Tunisians make large fuel smuggling bust on border – LibyaHerald Coast guard arrests two tankers on suspicion of fuel smuggling – LibyaHerald Attorney General investigates petrol company executives over fuel smuggling – LibyaHerald Brega to inspect all petrol stations in its continued anti-fuel smuggling drive – LibyaHerald
Libya Herald
2 days ago
- Libya Herald
CBL to bring FX rate of dinar to less than LD 7 per US$: CBL Governor Issa
The Central Bank of Libya (CBL) will use all its capabilities to bring the foreign exchange (FX) rate of the Libyan dinar (LD) to below LD 7 per US$. At one point, the LD was trading at LD 7.65/dollar yesterday. The statement was made by CBL Governor, Naji Issa, yesterday during what the CBL described as ''an extensive'' meeting with representatives of newly licenced FX companies and FX bureaux. These licenced FX bureaux had not existed before with foreign currency being sold informally, but in open view on the road running parallel and behind the CBL in Tripoli, on the edge of the Old City and Souk. The newly licenced FX bureaux have not started operating yet as they await CBL activation and the deposit of hard currency into their accounts. In his speech at the gathering in a top Tripoli hotel, Governor Issa admitted that some people may lose out because of the LD trading at less than LD 7/dollar. But added that some traders consider it a matter of stubbornness and may bring the LD exchange rate to LD 8 or 9/dollar to thwart the reform policies pursued by the CBL. Regarding criticism aimed at the failure of the CBL to control the FX black-market, Issa said some say the CBL's management has failed, but the truth is that only the state and the citizen will fail. CBL attempting to end black-market FX market The CBL said the meeting comes within the framework of its continuous efforts to regulate the FX market and activate the role of the private sector in providing financial services – but in accordance with clear legal controls and standards. Licenced FX bureaux must adhere to CBL controls During the meeting, the Governor stressed the importance of all licensed companies and offices adhering to the controls and instructions issued by the CBL, to ensure transparency and stability in financial transactions. He stressed that the licensed activity represents a key pillar in combating the parallel market and regulating the flow of foreign currencies through official channels. Without disclosing any further details, he revealed that several supporting measures will be announced later. During the gathering, the Governor also listened to the remarks and interventions of several representatives of FX companies and bureaux, and discussed with them the challenges they face, stressing the readiness of the CBL to cooperate closely with all concerned parties to support this important economic activity.
Libya Herald
2 days ago
- Libya Herald
Aldabaiba hails new instant salary payment system for controlling waste in the state-sector section of the budget
Tripoli based Libyan Prime Minister, Abd Alhamid Aldabaiba, said today that adopting digital transformation in the state-sector payroll management through the 'Your instantaneous Salary' system is not only a technical option, but a national necessity to protect public money first, and to do justice to real workers in state institutions. Aldabaiba was referring to the announcement by the Central Bank of Libya (CBL), last Thursday (31 July), of the launch of the 'Your / Instant Salary Payment' system to transfer the salaries of public sector employees directly into their bank accounts. Automatic employee data matching The system adopts automatic matching of the data of employees at the Ministry of Finance and the Banking Information and Systems Authority without the need for traditional, slower and less accurate payment methods. Call on citizens to update their data The CBL confirmed that it is working to complete the technical link with commercial banks and the personal data system, calling on citizens to ensure that their data is up to date to ensure the readiness of the service by the end of August. Abuse of the system It will be recalled that the payment of state-sector salaries is routinely late by one or two months. It is also widely believed that many thousands, if not hundreds of thousands, on the state payroll should not be on it. Some are receiving multiple salaries, some are working in the private sector simultaneously, some do not turn up to work, while others are still being paid after having passed away. Hence Aldabaiba's use of the phrase 'to do justice to real workers in state institutions'. Successful inter-departmental integration Meanwhile, the General Information Authority (GIA), the lead government body on digital transformation, commended this move and integration between various departments and the CBL. It said this integration reflects the maturity of Libya's digital infrastructure and promotes the process of building an interconnected and efficient digital government. State-sector salaries: aim for transparency and efficiency of spending Aldabaiba said these state-led fiscal reforms in cooperation between the Ministry of Finance and the CBL aim to ensure transparency and efficiency of spending under the salary section, which accounts for 55% of public spending, and is one of the government's priorities to ensure social and economic stability. Shall not allow the salaries section of the budget to be misused Aldabaiba said paying state-sector salaries on time and not delaying them in all circumstances is also an important commitment in his government's work which they have not and will not deviate from. However, he said state-sector entities exploiting the salaries section of the state budget to justify unallocated expenses, expenses unrelated to employment, or paying salaries to individuals who do not perform jobs within legal entities, while thousands of actual employees are waiting for the release of their first salary, is what this step will address. He said this new system will give more opportunities for these quick and accurate salary releases, and will stop the exploitation of the salary section, and the continuation of the system inherited decades ago of wasting public money decades ago. Instant and speedy employee data entry I commend the efforts of the Central Bank of Libya, and affirm the government's commitment to the success of this step, and we hold the legal entities responsible for immediate compliance with the entry of their employees' data accurately and without delay, and I call on the Audit Bureau and the Administrative Control Authority to support the 'Your salary is instantaneous' system to enhance direct control over actual employment and related spending. . CBL introduces the state sector Instant Salary Payment System Tags: CBL Central Bank of Libyadigital transformationstate-sector salaries
