Tripoli based Minister of Economy and Trade, Mohamed Al-Hwej, held an extensive meeting last Thursday (29 January) with the Undersecretaries of the Ministry, the President of the General Authority for Exhibitions and Conferences, the Chairman of the Privatisation and Investment Board, the Chairman of the Libya Trade Network, the Chairman of the Commercial Registration Authority, the Director General of the Credit Guarantee Fund, the Director General of the Stock Market Authority, and the Director General of the Insurance Supervisory Authority.
The Ministry said the meeting comes within the framework of strengthening the sovereign and regulatory role of the Ministry of Economy and Trade, and consolidating institutional integration between the Ministry’s affiliated entities.
Ministry activates its integrated digital system
During the meeting, the Minister confirmed that the Ministry has activated its integrated digital system and started employing it as a key tool for governance, control, and linking databases. This is with the aim of controlling the movement of goods and commercial activities, regulating import priorities according to the needs identified by the Ministry of Economy, and reducing imbalances that have resulted in illegal speculative practices.
Ministry will act without leniency against speculators and market manipulators
Hwej stressed that the Ministry of Economy and Trade will begin exercising its competencies in accordance with the express law and without any leniency or exception. He stressed that the Ministry will not hesitate to curb speculators, price manipulators and violators of the regulatory controls. Nor will it, he added, take deterrent legal measures, including the withdrawal of licenses and the cancellation of trade restrictions, against anyone found to have violated the laws and regulations in force.
Proactive market management
The Minister explained that the next phase will witness a qualitative transition towards digital and disciplined market management, based on proactive control rather than post-treatment, and on the integration of roles between the competent authorities, in a way that enhances commercial discipline, protects the national economy, and maintains the stability of the market and the livelihood of citizens.
Part of a reform plan
This meeting, the Ministry explained, comes within the framework of a firm reform path adopted by the Ministry of Economy and Trade, which aims to impose the rule of law, control markets, regulate imports according to clear and specific priorities, restore confidence in the state’s economic institutions, and consolidate a fair and stable trade environment.
Attempt to reform faltering economy
It will be recalled that the Ministry, together with other Ministries, the Central Bank of Libya and other entities, is attempting to impose some control and reform of the faltering Libyan economy – despite guaranteed annual oil revenues.
The Libyan dinar is constantly losing value on the black-market, importing high prices and inflation and causing a loss of purchasing power and a decline in standards of living.
The Ministry of Economy is attempting to control the use of hard currency Letters of Credit and their fraudulent abuse by electronically tracking imports prior to their departure from exporting ports. It is also attempting to save hard currency reserves by limiting Libyan imports intended for export to neighbouring states.
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CBL’s role in granting LCs is limited – does not include assessing Libya’s economic needs
