
Aldabaiba hails new instant salary payment system for controlling waste in the state-sector section of the budget
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
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Libya Herald
an hour ago
- Libya Herald
International information received on suspicious activities passing through Libyan financial system: CBL
The Central Bank of Libya's (CBL) National Committee for Combating Money Laundering and Terrorist Financing issued the following statement today: ''We affirm that responding to the increasing challenges facing the financial system of the Libyan state represents a national responsibility that requires the concerted efforts of all concerned parties. It is necessary to adopt an integrated legislative and institutional framework in line with international standards, to ensure that Libya remains within the global financial system. - The receipt of international information regarding suspicious activities suspected of passing through the Libyan financial system, which reflects the fragility of the current system and exposes the State to the possibilities of international legal accountability. We call for the speedy adoption of the draft Anti-Money Laundering and Combating the Financing of Terrorism Law, as a key step towards meeting the requirements of the Financial Action Task Force (FATF) and enhancing confidence in the Libyan financial system. Any delay in this regard will expose Libya to serious risks to the reputation of the Libyan financial system and economic and livelihood stability. We call on all authorities, especially legislative, executive, judicial and supervisory authorities, as well as law enforcement agencies, to shoulder their responsibilities and take the necessary urgent measures to ensure the integrity of the financial system and the protection of the national economy.''


Reuters
12 hours ago
- Reuters
Japanese investors ditch foreign stocks on US economic concerns, tariff tensions
Aug 7 (Reuters) - Japanese investors significantly sold foreign stocks in the week to August 2 as major markets retreated on caution over U.S. economic outlook and a new set of trade tariffs. According to data from Japan's Ministry of Finance released on Thursday, domestic investors withdrew a net 752.1 billion yen ($5.10 billion) out of foreign stocks last week, reversing two successive weeks of net purchases. The MSCI World Index (.MIWD00000PUS), opens new tab lost a sharp 2.54% last week, the most in three months, pressured by a disappointing U.S. jobs report for July, and President Donald Trump's new round of punishing tariffs on dozens of countries. Despite the recent withdrawals, overseas stock markets have still received a massive 3.37 trillion yen worth of Japanese investments so far this year compared with a net 915.8 billion yen sales a year ago. They also sold foreign long-term bonds of 526.3 billion yen for the second successive week on the run. Meanwhile, Japanese stock markets saw approximately 193 billion yen in weekly net investments from overseas, the smallest amount in six weeks. In local bond markets, foreign outflows from long-term bonds cooled to a three-week low of 87.5 billion yen. Short-term bills saw 1.2 trillion yen of net foreign inflows after a net 1.95 trillion yen weekly outflow in the previous week. ($1 = 147.5800 yen)


Libya Herald
a day ago
- Libya Herald
Minister of Economy discusses regulating priorities of market needs and import budget
The Tripoli based Libyan Minister of Economy and Trade, Mohamed Al-Hwej, held a meeting at the Ministry's Tripoli office today, in the presence of the advisory team and the Director of the Internal Trade Department, within the framework of following up on the mechanisms of regulating import operations through banking instruments, and preparing the import budget to ensure that the needs of the local market are met according to priorities. Small traders call for support with easier payment mechanism The meeting addressed the most prominent challenges facing companies and suppliers in completing import procedures through commercial banks, including difficulties related to the use of approved banking instruments. Several representatives of companies and traders also called for the Ministry's intervention at the Central Bank of Libya to facilitate procedures and support small traders, by activating electronic means of payment and organizing import operations to achieve competitive justice in the local market. Harmonizing monetary, financial and trade policies For his part, the Minister confirmed that the Ministry has developed an integrated vision to regulate the import budget, and that it is in the process of presenting this vision during an upcoming meeting that brings together the Governor of the Central Bank of Libya, the Minister of Finance, the National Economic and Social Development Board (NESDB), and the President of the General Union of Chambers of Commerce, Industry and Agriculture. This vision aims to harmonise monetary, financial and trade policies in a way that serves the national economy, strengthens the dinar, and helps the Central Bank in implementing its policies for economic reforms in line with the three financial, commercial and monetary policies. Analysis: Tension between the CBL and the Ministry – Achieving a balance It must be noted that there exists, and has existed for decades, a fundamental tension between the aims of the Central Bank of Libya and the Economy Ministry. Monetary control On the one hand, the Central Bank of Libya wishes to achieve monetary control, the reduction of the cash economy and inflation, and defending the foreign exchange value of the Libyan dinar through limiting imports to those transacted through banking instruments such Letters of Credit (LCs). LCs force importers to deposit their cash into their bank accounts. Smooth supply of goods to keep prices down On the other hand, the Economy Ministry aims to ensure the smooth flow of the import of goods to supply the market, including enabling the large number of small importers who operate largely using cash through the foreign exchange black-market. Typically, these smaller importers would react to short-term gaps in the market or offers of discounted goods abroad to strike fast deals. They would be traders who would buy goods in neighbouring Tunisia or Egypt and quickly transport them by road across the borders. Another important sub-category are fresh fruit and vegetables importers buying in cash from Egyptian or Tunisian farmers/middlemen who do not use the bureaucratic and slow banking system as a mode of receiving payment. Redistribution of wealth, helping SMEs, creating enterprise and jobs Moreover, the strata of cash-paying importers is usually made up of SMEs that the government does not have to find jobs for. They are an enterprising group of small businesses who create jobs. A complete clampdown on their activities would lead to other possible economic and social negative consequences. It would be seen as an attack on the poorer in favour of what is referred to in Libya as the ''fat cats'' that open LCs in the millions. The CBL policy has failed before The Central Bank of Libya seeks to stop imports that are not paid for through banking instruments in its fight against the black-market and its defence of the FX rate of the dinar. However, this policy has been attempted in the past – unsuccessfully. Such a complete shutdown had led to a shortage in the supply of goods, the hoarding of goods and sharp price rises. The price rises had resulted in political pressure on the government of the day and a relenting and reversal of the policy. There are fundamental flaws in Libya's monetary and financial system leading to distortions in the market and the economy. The independent-from-the-government Central Bank of Libya and the government must arrive at a workable compromise solution whereby goods arrive regularly and smoothly in the Libyan market while the negative effects of the FX black-market and inflation are negated, and the weak dinar is defended.