Category: Market

Tripoli– The French oil company “Total” operating in Libya, on Thursday, signed an agreement with the National Oil Corporation, according to which Total will spend an amount of 20 million dollars to achieve sustainable development in the areas of its operations in Libya, specifically in the areas that came to it as a result of its purchase in 2019. The share of the American “Marathon” company in “Al-Waha” company.

The agreement was signed on behalf of “Total” by the director of its operations in Libya, “Pascal Brent”, while it was signed by the head of its board of directors, “Mustafa Sanalla” on behalf of the corporation.

During the signing ceremony, both Brent and Sanalla expressed their delight at this step taken by “Total” to confirm its strategic partnership in Libya.

Source: Libyan News Agency

Tripoli, The Ministry of Economy and Trade demanded that the Libyan state be exempted from the export ban measures recently issued by the Turkish Republic.

This came during a meeting held by the Director of the Administrative and Financial Affairs Department at the Ministry of Economy, Tareq Al-Najjar with the chief commercial advisor at the Embassy of the Republic of Turkey in Libya to enhance trade exchange and cooperation between the two countries and implement the process of importing flour, estimated at 150,000 tons. During the meeting, Al-Najjar called for not imposing restrictions on contracts for the supply of goods concluded with Libyan companies, according to what was published by the official page of the Ministry of Economy and Trade on Facebook.

The meeting, which was attended by the directors of the departments of foreign trade, international cooperation, studies and economic reforms, and the director of the Follow-up Office, discussed the mechanism for implementing the process of importing flour by contracting with companies and factories in the Republic of Turkey and facilitating procedures through ports in cooperation with the Turkish embassy in the State of Libya.

Source: Libyan News Agency

Tripoli-The UK and Northern Ireland Ambassador to Libya, Caroline Hurndall called on Libya to protect the independence and integrity of the National Oil Corporation, the Libyan Investment Corporation and the Central Bank of Libya from political wrangling.

“Britain agrees with the Special Adviser to the Secretary-General (Stephanie Williams) on the need to fully maintain the independence and integrity and protection of the National Oil Corporation, the Libyan Investment Corporation and the Central Bank of Libya,” Hurndall said in a tweet on the UK Embassy’s SMS page.

Williams, adviser to the UN Secretary-General on Libya, tweeted on Monday: “the independence and integrity of the National Oil Corporation, the Libyan Investment Corporation and the Central Bank of Libya must be protected from political wrangling.”

Source: Libyan News Agency

TUNIS, — An International Monetary Fund delegation will arrive in Tunisia on Friday for talks with the government and other groups, a top trade union official said, as fears rise over the North African country’s risk of default.

After meeting representatives of the government and central bank, the IMF team is also scheduled to have discussions with the powerful Tunisian General Labor Union on April 1, its assistant secretary-general Sami Tahri said by phone.

An IMF representative in Tunisia did not immediately answer calls seeking comment.

The birthplace of the Arab Spring is battling to rescue a long-troubled economy that has been further battered by the pandemic and is seeing fresh political uncertainty after President Kais Saied assumed more powers, firing the prime minister and suspending parliament in July.

Fitch Ratings last week downgraded Tunisia’s sovereign debt rating to CCC from B-, reflecting heightened fiscal and external liquidity risks due to delays in agreeing a new IMF deal.

Union opposition has been among the factors hindering earlier attempts by successive Tunisian governments to cut government spending and tackle other key issues. Tahri declined to comment further on the proposed talks or state of negotiations.

The government said last month it hopes to reach an agreement in April.

Morgan Stanley said this week that Tunisia looks unlikely to clinch an IMF loan deal, with political opposition to fiscal reforms raising the risk that the government will eventually default on its debt.

Source: NAM NEWS NETWORK