Recent developments in Libya's financial sector have sparked widespread concern among the country's business community. This move underscores deep-seated issues within Libya's banking and monetary policy framework, further exacerbated by the country's ongoing political instability. Libya's Gold Reserves and Financial StabilityAmid these monetary policy challenges, Libya's gold reserves have come under scrutiny. Recent audits have dispelled rumors of discrepancies in the nation's gold holdings, confirming that Libya's gold reserves stand steady at 146.65 tonnes. The standoff between Libya's business sector and its central bank underscores a broader crisis in the country's economic management and monetary policy.

By Alex LawlerLONDON, Feb 29 (Reuters) - OPEC oil output in February has risen, a Reuters survey found on Thursday, as a recovery in Libyan production from disruption offset the impact of voluntary cuts by other members agreed with the wider OPEC+ alliance. The Organization of the Petroleum Exporting Countries (OPEC) pumped 26.42 million barrels per day (bpd) this month, up 90,000 bpd from January, the survey found. PRODN-TOTALThe biggest rise in production came from Libya, one of the OPEC members not required to restrain output, after the Sharara oilfield, one of the country's largest, restarted after being shut down due to unrest. Several members of OPEC+, which includes OPEC, Russia and other allies, made new cuts in January to counter economic weakness and increased supply outside the group. Some OPEC members pledged voluntary cuts in two rounds, in April 2023 and November 2023, and Saudi Arabia made an additional voluntary cut.

The Wagner Group has had a foothold in Libya since 2018. Resources for securityThe Wagner Group was founded in 2014. Since then, the Wagner Group has been assigned to Russia's military intelligence. However, Hager Ali has no hope that Libya could return to an electoral or demographic path as long as the Wagner Group is present. "The Wagner Group runs disinformation campaigns online," she said, adding that Wagner can interfere in the electoral preparations, intimidate voters through violence, and can even help rig elections.

Misrata Chamber of Commerce held a meeting today its headquarters headed by its chairman, Fathi Al-Amin Al-Turki with several Misrata city merchants and company owners affiliated with the Chamber to followed up on the latest developments regarding the statement the chamber issued on 26 February criticising Central Bank of Libya and the Tripoli Ministry of Economy policy. The statement had complained about what it called the unfair monetary policies of the Central Bank of Libya and the instability of the exchange rate, as well as the Ministry of Economy’s neglect of its responsibility towards economic policy and the monopoly of export and import for some companies, contributing to the instability of the exchange rate in the parallel (black) market. The statement had also threatened a general shutdown of businesses. Misrata Chamber said a committee has been formed to hold a meeting next Saturday regarding coordination and communication with the competent authorities to solve the problems and arrange a protest in front of the Central Bank to ‘‘escalate the situation’’. Concealed spat between Tripoli PM and Central Bank Governor goes public (libyaherald.com)Dinar crashes as oilfields are closed by Petroleum Facilities Guards seeking improved pay (libyaherald.com)

Commander of Sudan’s Rapid Support Forces (RSF) General Mohamed Hamdan Dagalo, also known as Hemedti, arrived in Tripoli today where he met the prime minister of the Government of National Unity (GUN) of Libya, Abdul Hamid Dbeibeh, with whom he had “fruitful and constructive” discussions on developments in Sudan, according to a statement by Dagalo via X. “I explained to Dbeibeh the reasons that led to the outbreak of the war and presented him with our strategy to stop the war, achieve peace and stability, alleviate the suffering of our people and rebuild Sudan on new and just foundations,” said Dagalo. “I also provided him with an explanation of the developments in the humanitarian situation and the difficult conditions faced by the Sudanese due to the deprivation of humanitarian aid, which has led to famine in some areas, which requires intervention to provide aid to those who they need it through new mechanisms and methods,” he added. Dagalo’s visit comes after he had a telephone conversation with Dabaiba last week, who invited him to visit Libya. The visit follows that carried out earlier this week, again in Tripoli, by the President of the Sudanese Sovereign Council, Abdel Fattah Al Burhan.

The ill-considered expansion of the public expenditure over the past years, especially consumer consumption, which accounts for more than 95% of public spending. It is expected that it will exceed 61 billion dinars in the year 2023, including 41 billion dinars for fuel subsidies, which has grown remarkably and depletes approximately 8.5 billion dollars annually. Not to mention the other subsidy expenses directed directly to the electricity sector at a value of 40 billion dinars, bringing the total direct and indirect subsidy expenses to 102 billion dinars annually. Imbalance, distortion, and mismanagement in fuel subsidiesOne wonders how Chapter Four expenditures jumped from 20.8 billion dinars, including Hydrocarbon subsidies in 2021, to 61 billion dinars in 2022. This is especially considering the decline in the volume of expected revenues for 2024, to the level of 115 billion dinars according to the estimates of the National Oil Corporation, and 5 billion dinars in other sovereign revenues, with a total of 120 billion dinars.

According to Bliheg, the parties reaffirmed their commitment to electoral laws no. 27 and 28 of 2023, drawn up by the 6+6 Committee (made up of six members from the two institutions) and ratified by the House of Representatives. It was also agreed that there was an urgent need to form a new national government that is committed to guaranteeing electoral rights, as indicated in articles 86 and 90 of the electoral laws. She was also urged the High National Electoral Commission to initiate the implementation of electoral laws and to announce the date of the elections. A move which, at the moment, seems to have failed (also due to the countermeasures adopted by Dabaiba) and which, according to Libyan political sources from "Nova", could be attempted again with a new meeting in Morocco.

Libya plans to launch its first international tender since 2005, targeting exploration in the Sirte, Murzuq and Ghadames basins. As Libya aims to ramp up oil production to two million barrels per day within three years, including a 100,000 bpd increase in 2024, here are five upcoming exploration campaigns to monitor. Force majeure, declared in 2014, was revoked after Eni conducted a Security Risk Assessment, confirming positive security conditions for exploration. RepsolRepsol, a Spanish oil exploration and production company, announced the resumption of its exploratory drilling activity in the Murzuq Basin in April 2024. Following the success of the 2024 edition, the Libya Energy & Economic Summit is set to return for its third edition in 2025.

Libya will hold elections in eight months and Muammar Gaddafi will be tried in the country, opposition leader Mustafa Abdel Jalil said in comments published today. "In eight months we will hold legislative and presidential elections. The whereabouts of Libyan strongman Colonel Gaddafi remained unknown Wednesday as the rebels overran his Tripoli compound. The rebel leader said that the mass of opinion within the NTC was that Gaddafi and his cohorts should eventually be judged "in a fair trial, but it must take place in Libya." He will stay in the memory only for the crimes, the arrests and the political assassinations he carried out," he added.

This financial support is aimed at addressing the immediate needs of flood victims and facilitating the broader reconstruction efforts in Derna and other impacted areas. Strategic Discussions for Effective ResultsAdvertismentThe conversation also underscored the importance of strategic planning and coordination in the recovery process. The engagement between the U.S. Embassy and Libyan officials represents a beacon of hope amidst the devastation caused by Storm Daniel. It highlights the international community's role in supporting nations during times of crisis and the importance of collaboration and transparency in the face of reconstruction efforts. As Libya embarks on this journey of recovery, the solidarity and support from partners like the United States underscore the possibility of a stronger, united future for its people.

The recent arrival of Guinea-Bissau's President, Omar Al-Mukhtar Sisko, in Tripoli marks a significant step in bolstering the diplomatic relations between Guinea-Bissau and Libya. Accompanying President Sisko were key figures from his cabinet, signifying the visit's significance in fostering economic and diplomatic collaborations. Diplomatic Significance and Bilateral RelationsAdvertismentThis visit is not merely ceremonial but a testament to the strengthening relations between Guinea-Bissau and Libya. It offers both nations an opportunity to explore avenues for cooperation, particularly in economic planning, regional integration, and international cooperation. Implications and Future ProspectsThe visit of President Sisko to Libya opens up a new chapter in the diplomatic relations between the two countries.

In an unprecedented move towards bolstering counter-terrorism capabilities in Libya, EUBAM Libya, in partnership with Libyan authorities, initiated a two-week intensive training program titled 'Threat Assessment for a Counter Terrorism Fusion Cell' from February 25th to March 6th, 2024. This program, designed to enhance the proficiency of Libyan counter-terrorism agencies, marks a significant step in international cooperation against terrorism. The participation of fifteen members from nine different Libyan counter-terrorism agencies underscores the program's inclusive approach, facilitating a comprehensive learning environment. The training drew on the expertise of specialists from EU Member States, including Germany, Spain, and Belgium, fostering an environment of shared knowledge and international solidarity. Through fostering international collaboration and offering specialized training, this initiative represents a pivotal moment in the collective effort to address terrorism.

The Federal Government and the International Organisation for Migration (IOM), has facilitated the repatriation of 147 irregular Nigerian migrants, who were in Libya, back to Nigeria even as it remains committed to tackling illegal migration. “Under the continuous evacuation exercise of the Federal Government, which is supported by the IOM in Libya, We successfully evacuated another batch of 147 irregular Nigerian migrants who were stranded in Libya. The number of evacuees was 159 in number which comprised of Nigerians freed from detention facilities in Libya, alongside an additional 122 being Nigerians stranded in the country. This reflects IOM’s commitment to curb irregular migration. As outlined in the Global Compact for Safe, Orderly and Regular Migration, migration requires a comprehensive approach beyond a single policy sector.

The Export Promotion Centre (CEPEX) is spearheading the organization of Tunisian enterprises' participation in the 'Libya Build' Expo, a key international event for the construction sector. AdvertismentStrategic Collaboration and Export OpportunitiesCEPEX's initiative to coordinate Tunisian participation in the 'Libya Build' Expo underscores the importance of international trade fairs in fostering business connections and exploring export opportunities. Empowering Tunisian EnterprisesAdvertismentThe participation of Tunisian companies in the 'Libya Build' Expo is expected to be a significant milestone in showcasing their capabilities on an international platform. CEPEX's user-friendly E-CEPEX platform provides a straightforward process for enterprises to register their interest and be a part of the National Pavilion at the 'Libya Build' Expo. The 'Libya Build' Expo 2024 presents a window into the future of construction and design, offering Tunisian enterprises a platform to showcase their innovation, forge strategic partnerships, and contribute to the rebuilding and development of Libya.

The Federal Government, in collaboration with the International Organisation for Migration (IOM), repatriated another batch of 147 irregular Nigerian migrants stranded in Libya on Tuesday.…The Federal Government, in collaboration with the International Organisation for Migration (IOM), repatriated another batch of 147 irregular Nigerian migrants stranded in Libya on Tuesday. Kabiru Musa, Charge d’Affaires En Titre of the Nigerian Mission in Libya, disclosed this in a statement. Musa said the evacuees who departed Tripoli International Airport on Tuesday aboard chartered flight UZ 189 were expected to arrive at the Murtala Mohammed International Airport, Lagos, on the same day in the evening. “Under the continuous evacuation exercise of the Federal Government, which is supported by the IOM in Libya, We successfully evacuated another batch of 147 irregular Nigerian migrants who were stranded in Libya. “They departed Libya successfully and are expected to arrive at Murtala Mohammed International Airport in Lagos, where they will be received by relevant officials.