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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Governor of the Central Bank: Basic reforms will be implemented in Libya this summer

rocky
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Governor of the Central Bank: Basic reforms will be implemented in Libya this summer Empty Governor of the Central Bank: Basic reforms will be implemented in Libya this summer

Post by rocky Wed 06 Jun 2018, 4:30 am

Governor of the Central Bank: Basic reforms will be implemented in Libya this summer






2018/06/05 23:10


(Encyclopedia of this Day News | Iraq News  ) - Governor of the Central Bank of Libya said in Tripoli , the great friend Omar said Tuesday that officials in the capital reached an agreement on activating key reforms extending to fuel subsidies and exchange rate, by the end of July.

Libya is a major producer of oil and was once one of the richest countries in the region, but its economy has been hit by conflict and political division over the past five years.

Through international support, the National Oil Corporation and the Central Bank of Libya in Tripoli managed to maintain control over oil production and revenues, which partially recovered last year.

However, it remains unclear to what extent any reforms to be implemented in Tripoli can be extended across the country, where eastern Libya is under the control of rival authorities with its own central bank.

Recent attempts to curb the deficit and the informal economy by cutting huge fuel subsidies, spending on government wages and reducing the difference between the exchange rate in the official and black markets have yielded few results.

Speaking at a seminar on Libya's economy supported by the West, he said there was an agreement among the participants to tackle deep-rooted economic imbalances.

"A series of reforms have been reached, the most important of which is fuel subsidies and exchange rates."

He added that the actual steps will be taken after the end of the month of Ramadan in mid-June and then about six weeks, the implementation decisions will be ready.

"We hope that this will be a leap forward for Libya and contribute to the suffering of the Libyans as much as possible," he said.

The official exchange rate of the currency in Libya remained unchanged at 1.4 dinars against the dollar, while the dollar sold about seven dinars on the black market, which allows those who can get dollars to make a huge profit.

The Tunis meetings include senior officials of the internationally recognized government in Tripoli, Western diplomats and representatives of the IMF and the World Bank.

The meetings come after the Libyan Court of Audit in Tripoli last month published allegations of widespread corruption and corruption in western Libya in a report of more than 900 pages, which increased public pressure on the government and the large, which the parliament in eastern Libya is trying to replace.

The Audit Bureau did not publish reports on the eastern regions of Libya.

A joint statement by the ambassadors of France, Germany, Italy, Britain, the United States and the European Union, issued after the Tunis meeting, called on all Libyan political leaders, ministers and government officials for fair administration, increased transparency, reduction of waste, corruption and abuse of power.

The statement also called for the need to unite institutions in Libya, including the Central Bank, to implement the changes needed by the country efficiently.


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