Latest from Libya Herald
Libya Herald
5 hours ago
- Business
- Libya Herald
Libyan entities discuss restarting local pharma production at Rabta factory with Italian company Pharmacom
The Ministry of Health revealed yesterday that, together with other Libyan entities, it had held discussions with the Italian company Pharmacom on the reactivation of the Rabta factory for raw materials as part of the strategy to enhance pharmaceutical sovereignty. The discussions were chaired by the Undersecretary General of the Ministry of Health / Acting Health Minister, Mohammed Al-Ghouj, in an extensive meeting dedicated to discussing the mechanisms of reactivating the Rabta Raw Materials Factory. This comes as part of the Ministry's efforts to establish a sustainable and high-quality national pharmaceutical industry after the suspension of local production for about 15 years. The meeting was attended by representatives of the National Authority for the Follow-up of the Implementation of the Chemical and Nuclear Weapons Conventions, the State Company for the Manufacture of Medicines and Medical Supplies, a representative of the Italian company Pharmacom, as well as a group of experts in the fields of the pharmaceutical industry, law, and specialized cadres from the Ministry's Pharmacy Department. Diversification, reducing imports dependence and preserving hard currency The Health Ministry says this approach comes in the context of the Tripoli government's 'Return to Life' programme, and with the direct support of Prime Minister, Abd Alhamid Aldabaiba, with the aim of reducing dependence on foreign imports and providing reliable local medicines that meet the needs of the market, in accordance with internationally approved standards. The meeting addressed the technical, legislative and logistical aspects necessary to restart the factory, stressing the importance of developing its manufacturing capabilities to keep pace with the rapid developments in the pharmaceutical industry. Rabta, Qaddafi and chemical weapon- late 1980s to early 1990s It will be recalled that the infamous Rabta Factory is the factory that was part of US and international sanctions on Libya in the late 1980s and early 1990s to prevent Libya from having a chemicals weapons capability under the Qaddafi regime.
Libya Herald
5 hours ago
- Business
- Libya Herald
Secular and religious agree on need for Libya's gradual energy subsidy reform
The secular and religious worlds have come to agreement on the need for Libya to gradually reform its fuel subsidies in the unlikely bedfellows of the International Monetary Fund (IMF) and Libya's (western region) Grand Mufti (the highest religious authority). Dar Al-Ifta, the highest religious body, released a video clip last Thursday (24 July) of the Grand Mufti of Libya, Sadeg al-Ghiriani, basing his religious recommendation on Libya's fuel subsidy reform on the IMF's study published this month entitled 'Energy Subsidy Reform in Libya'. Speaking on the problems of Libya's economy, the Mufti said ''the first step to reforming the waste of public money that Libya is currently experiencing is to lift the (energy) subsidies, almost half probably more, of which go to the money of criminals and smugglers''. Drawing on the IMF Al-Ghariani continued ''The report issued by the IMF calling for the lifting of energy subsidies is a study by international experts, the government should take advantage of it and gradually lift subsidies, as the report suggested, as there is no country in the world where gasoline and energy are sold at the price that it is sold at (LD 0.15 / US$ 0.09 per litre) in Libya''. Lack of trust in government – fear of failure to compensate for subsidy removal Dealing with some of the opposition Libyans have to the introduction of fuel subsidy reforms, the Grand Mufti said Libyans 'should not let their emotions carry them away by saying they fear if subsidies are removed the government will not live up to its promise to substitute it with a direct cash payment (equivalent to their realistic average annual consumption of fuel). ''Do Libyans agree to at least a third of their state budget being wasted away, robbed by thieves for illicit use and profligacy? This (continued squandering of public money) is not appropriate to the behaviour of any wise, Muslim or human being'', he added. ''I therefore call on the (Tripoli based Libyan) government to open this topic again based on the IMF's report and work on gradually lifting the (energy) subsidies, as suggested in the IMF report until energy prices reach their real (market) price''. The IMF study on Libya's energy subsidy reform It will be recalled that, and as reported by Libya Herald, the IMF report had stated that energy subsidies have become a significant burden on government finances in Libya. The study said the pervasive nature of subsidies has led to rampant corruption, smuggling, and a diversion of resources from essential public services. The paper identifies key barriers to reform, including opposition from vested interest groups and public apprehension regarding inflation and welfare loss. To address these challenges, a strategic reform plan is proposed, emphasizing a phased approach, a comprehensive communication plan and social protection measures to mitigate the adverse effects of subsidy removal. By taking these steps, Libya can transition towards a more sustainable framework that supports macroeconomic stability, the IMF study stated. . IMF study entitled 'Energy Subsidy Reform in Libya' concludes that reform is crucial as subsidies lead to overconsumption and premature resource depletion Fuel subsidies reached LD 60 billion, 30 percent of which is smuggled – therefore can invest just LD 5 bn in housing: CBL Governor Issa Audit Bureau 2023 Annual Report: 2023 state subsidies amounted to LD 68.5 billion Libya loses about US$ 12 billion annually in smuggled subsidies: Aldabaiba Decision to remove fuel subsidies has been taken: PM Aldabaiba ( 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 ( Supreme Council for Energy Affairs holds first meeting ( At Gharian cabinet meeting, Aldabaiba explains fall in black-market value of dinar and resounds alarm over fuel subsidies ( Fuel quantities, smuggling and subsidy reform – and increased oil production through PPP discussed at summit meeting ( Alternatives to fuel subsidies with cash payments delivered to Aldabaiba ( Prime minister Aldabaiba forms Ministerial committee to study reforming fuel subsidies, orders payment of family grant, increases pensions ( Libya's Economic Reform Salon proposes reforms for the country's fuel subsidies | ( Fuel subsidy reform proposal presented to Serraj government | ( Libya reduces subsidies on commercial-use kerosene | ( Subsidies are seen as an entitlement by Libyans: GNA Planning Minister | ( Government to reduce petrol subsidies | ( Cash for goods subsidy reform adopted by Tripoli authorities | ( Subsidy reform: petrol prices to be increased by 200% | ( 2014 Budget commits government to subsidy reform by Jan 2015 | ( The 2014 Budget: Subsidies up – despite deficit and oil exporting crises | ( 2014 budget expected to be LD 68.59bn – salaries and subsidies shoot up | ( Unemployment, subsidies, undiversified economy, stifled private sector – problems of Libyan economy: WB | ( Fuel subsidies removed over 30 months in three stages – Economy Minister Abufunas | ( Subsidy reform: Smugglers are the ones prospering from subsidies – Zeidan | ( Cabinet meeting forms committee on subsidies – Zeidan | ( Oil minister says fuel subsidies to go by 2016 | (
Libya Herald
5 hours ago
- Business
- Libya Herald
NOC signs four memorandums of understanding with Algeria's Sonatrach
Libya's state National Oil Corporation (NOC) announced last Thursday (24 July) that it had signed four memorandums of understanding (MoU) at Sonatrach's headquarters in Algiers to enhance joint cooperation in the fields of operations, petroleum services, training and exchange of expertise. MoU on geophysical exploration activity The terms of the first memorandum of understanding signed between Sonatrach's National Geophysical Company (ENAGEO) and the North African Geophysical Exploration Company (NAGECO) of the National Oil Corporation (NOC) focused on geophysical exploration activity. MoU on provision of oil services in Algeria, Libya and abroad The second was between Sonatrach's National Well Services Company (ENSP) and Sonatrach's Al-Jouf Petroleum Technology Company (JOT), related to the provision of oil services in Algeria, Libya and abroad. MoU on research The third was signed between Sonatrach / Exploration and Production – Laboratory Division, and the Petroleum Research Centre, and aims to carry out joint actions within the framework of partnership projects between Sonatrach and the National Oil Corporation. MoU was on training and knowledge transfer The fourth MoU was on training and knowledge transfer and was signed between Sonatrach and the National Oil Corporation (NOC). It aims to cooperate in the field of training and knowledge transfer in all disciplines related to the oil and gas sector in the two countries. MoU's support the continuation of strategic and in-depth partnership The NOC stated that the conclusion of these MoUs with Algeria's Sonatrach is a support for the continuation of the strategic and in-depth partnership between the two parties, and demonstrates the commitment of the National Oil Corporation to develop strategic, solid and sustainable partnerships with the Algerian Sonatrach Foundation. Tags: Algeria AlgerianNOC National Oil CorporationSonatrach
Libya Herald
5 hours ago
- Business
- Libya Herald
LBC and Italian embassy discuss industrial zones, private sector initiatives, benefiting from Italian expertise and visas
The Libyan Business Council (LBC) and the Italian Embassy in Tripoli discussed developing industrial zones, the role of the private sector in supporting industrial initiatives and the possibility of benefiting from Italian expertise in this field. The discussions came during a meeting between Saeed Wanis, a member of the Board of the LBC, and Fabio Giudice the Commercial Attaché Italian Embassy in Tripoli last Wednesday (23 July). The meeting was held on the sidelines of an expanded meeting that included several LBC members and representatives of the Libyan Cooperative Company for the Management and Development of Industrial Zones at the headquarters of Mansoura Holding Company. Visa to Italy for LBC members During the meeting, Wanis affirmed the LBC's commitment to the development of Libyan Italian economic relations and the need to address the administrative and logistical challenges facing businessmen, especially the (perennial) issue of obtaining visas to enter Italy. For his part, according to the LBC, Giudice pointed out the importance of these demands and that he will make all necessary efforts to facilitate the procedures for granting visas to LBC members in a way that serves the economic and commercial movement at the level of the private sector. The LBC said the meeting comes in the context of the continuous efforts to strengthen economic relations between Libya and Italy and is part of a wider series of initiatives implemented by the LBC with the aim of expanding international cooperation and creating a more stable and open economic environment.
Libya Herald
2 days ago
- Automotive
- Libya Herald
Libya's Suzuki distributor establishing site in Misrata Free Zone
Misrata Free Zone (MFZ) announced Wednesday (23 July) that Libya's Tamer Hind Company for the Import of Cars and Various Means of Transportation, the official distributor of Japanese company Suzuki, is currently working on preparing its investment site in the Misrata Free Zone. This will be on an area estimated at three hectares, including paving the storage yards at the site and preparing warehouses for the management and storage of spare parts. The site will be a major centre for the company to manage its logistics operations, and provide maintenance, training and after-sales services in the future. MFZ said it provides one of the most important destinations and facilities for major manufacturers, agents and distributors from around the world to localise their investments, especially in the fields of trade and warehousing. It further added that it provides an investment environment in this field, with the integrated and advanced digital infrastructure and networks, communication and monitoring networks, and the speed and quality of the operational services provided by the port in the handling of motor ships, known as 'Roro' ships. Continue Reading Tags: japan japaneseMFZ Misrata Free ZoneSuzuki
