The Budget Implementation Committee of the Ministry of Economy green lighted the approval of 1130 companies to import and supply goods from abroad in November, despite the request of the Audit Bureau to cease issuing bank credits due to the massive financial corruption. On more than one occasion the Audit Bureau in Tripoli has called for an end of approvals for bank credits for the supply of goods from abroad, because of the existence of irregularities and financial corruption in them. The budget is set and based on the results of consultations held with the Audit Bureau and the Central Bank as well as other relevant institutions. It is worth noting that the crisis being faced due to fraud and manipulation of the bank credits system has been continuous since late 2014 without any of the governments exhausting any efforts to eliminate it. According to experts, the establishment of fake companies to import goods are registered and with bribes to officials in the institutions concerned, the trader then applies for bank credits worth millions of Dollars.

Source: Libya Observer October 28, 2017 19:07 UTC