With the background of price rises in basic commodities, shortages of cooking oil, LC fraud and attempts to preserve Libya’s hard currency reserves, the Minister of Planning, Mohamed Al-Zaidani, met last Monday (16 February) with the Executive Director of the Libyan Industry Union (LIU) to discuss several issues, most importantly the Ministry of Planning’s support for nationally manufactured products that meet specifications and standards and contribute to development and participate in the “Return to Life” projects.
The meeting also addressed the implementing the requirement that government agencies to use national products in their contracts.
The allocation of foreign currency (Letters of Credit) for importing raw materials was also discussed, along with ensuring their smooth and regular flow to local factories.
A joint committee formed
It was agreed to form a joint committee between the Ministry, the Union, and other relevant entities involved in development projects and the “Return to Life” projects. This committee will serve in an advisory and technical capacity, coordinating efforts, communicating, and resolving any bottlenecks.
LC fraud, price-fixing and goods shortages
The meeting between the two entities comes on the back of the LIU (and manufacturers and importers) meeting the Central Bank of Libya (CBL) on 15 February where it was agreed on the urgent delivery of 2.5 million boxes of cooking oil, to be made available this week and next. This
The aim of CBL’s move is to positively impact the prices of these commodities and their supply system in the coming months, ensuring they are affordable for citizens given the current shortages.
Part of the wider move to fight rising prices
The meeting by the Ministry of Planning with the LIU comes as part wider moves by other agencies (the Customs Authority, the Law Enforcement Department, the Municipal Guards and the CBL) to fight price-fixing and monopolistic behaviour by some importers granted letters of credit (LCs), LC corruption, imported inflation and price increases, protect standards of living through purchasing power, reduce demand for the US dollar in the black market, and defend the value of the Libyan dinar.
.
There is no shortage of food supplies in the Libyan marketplace: Customs Authority
CBL reaches agreement with importers to urgently deliver 2.5 million boxes of cooking oil
84,000 boxes of cooking oil seized as part of anti-monopoly and price-fixing campaign
CBL first 2025 issue Certificates of Deposit achieve a 10.87 percent return – exceeding expectations
Economy Ministry prohibits commodity pricing based on the black-market exchange rate
