This morning, the Governor of the Central Bank of Libya, Naji Issa, received the Prime Minister of the National Unity Government, Abdul Hamid Al-Dabaiba, at the headquarters of the Central Bank.
At the beginning of the meeting, the governor welcomed Dabaiba, stressing “the importance of coordination between the Central Bank and the National Unity Government with the aim of serving the citizen and supporting the national economy.”
During the meeting, Al-Dabaiba stressed “the necessity of unifying national efforts with the aim of diversifying and strengthening the national economy, and creating joint programs to support the Libyan private sector, in accordance with basic foundations and constants.” He also stressed raising the level of coordination between the Central Bank and the Ministry of Economy and Trade regarding the import budget, and adjusting it according to the needs of the local market, in addition to continuing coordination with the Ministry of Finance to control and regulate government spending in all its sections.
It was also agreed on the importance of “continuing transparency and disclosure, and implementing all government procedures with high standards of transparency.”
The meeting touched on “preparations for the month of Ramadan, by providing basic goods at appropriate prices and quantities, disbursing the necessary salaries and grants to support citizens, and working together to provide cash liquidity, with the aim of solving one of the problems that the citizen has suffered from for many years.”
The governor reviewed “a number of projects to be implemented during the year 2025, which contribute to facilitating banking services for citizens and the Libyan private sector, stressing the necessity of coordination with the government in some of these projects.”
It was also emphasized “the necessity of regular disbursement of monthly salaries and grants on the specified dates, as the governor confirmed the disbursement of October salaries before next Thursday.”
Last updated: November 12, 2024 – 15:20
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Interview Between Time.news Editor and Economic Expert Dr. Layla Qassem on Libyan Economic Coordination
Time.news Editor (TNE): Good morning, Dr. Qassem. Thank you for joining us today to discuss the recent meeting between Governor Naji Issa of the Central Bank of Libya and Prime Minister Abdul Hamid Al-Dabaiba. It seems like a significant step in strengthening Libya’s economic structure. What are your thoughts on their discussions?
Dr. Layla Qassem (DLQ): Good morning! Thank you for having me. Yes, the meeting signals a proactive approach towards economic stability in Libya. The emphasis on coordination between the Central Bank and the National Unity Government is crucial, especially in a time when the country is trying to overcome economic challenges.
TNE: Absolutely. Prime Minister Al-Dabaiba highlighted the importance of unifying national efforts to diversify and strengthen the national economy. Why do you think diversification is particularly necessary for Libya at this stage?
DLQ: Libya’s economy has long relied heavily on oil revenues, which makes it vulnerable to fluctuations in global oil prices. Diversification can create more resilience and reduce dependency on a single sector. By strengthening the private sector and developing alternative economic activities, Libya can build a more sustainable economic future.
TNE: In his remarks, Al-Dabaiba also spoke about the importance of adjusting the import budget according to local market needs. How critical is this adjustment in the current economic context?
DLQ: Very critical. Adjusting the import budget enables the government to manage resources more effectively. It ensures that essential goods are prioritized and that local production is supported. This approach can help in stabilizing prices and enhancing the overall supply chain, which is vital for citizen welfare.
TNE: Coordination with the Ministry of Economy and Trade was also stressed during the meeting. How do you view the role of such collaboration among ministries in enhancing economic governance?
DLQ: Collaboration among ministries is essential for coherent economic governance. It allows for a unified strategy that aligns fiscal policies with trade and economic development goals. This kind of synergy can enhance transparency, reduce inefficiencies, and ultimately lead to better economic outcomes.
TNE: Transparency and disclosure were prominent themes in their discussions. Why are these elements so important for Libyan governance and economic recovery?
DLQ: Transparency is fundamental for building trust between the government and the citizens, especially in a post-conflict context like Libya. It helps prevent corruption, ensures that government actions are accountable, and promotes public participation in the economic recovery process. When citizens see that resources are used effectively, it fosters confidence in the government’s initiatives.
TNE: As we move forward, what do you believe are the key challenges that the Central Bank and the National Unity Government will face in implementing these discussions?
DLQ: One major challenge will be overcoming political divisions and fostering genuine cooperation among various stakeholders. Additionally, the implementation of these economic strategies requires a strong institutional framework to monitor progress. There’s also the need for capacity building within local institutions to ensure effective execution of programs aimed at economic diversification.
TNE: what message do you believe these developments send to both domestic and international investors considering Libya?
DLQ: It sends a message of optimism and resolve. The commitment to economic reform and enhanced coordination between the Central Bank and government reinforces Libya’s goal of creating a conducive environment for investment. While challenges exist, a structured approach to economic management could attract both local and foreign investors eager to engage in Libya’s growth story.
TNE: Thank you for your insights, Dr. Qassem. It’s encouraging to hear about these efforts and the potential for a more robust and diverse Libyan economy.
DLQ: Thank you for having me. It’s indeed an exciting time for economic reform in Libya, and I hope to see continued progress in the coming months.