TRIPOLI // Libya’s Government of National Accord (GNA) and central bank in Tripoli say they have agreed to work together to tackle urgent economic problems in 2017, creating a potential lifeline for the United Nations-backed administration.
The government has struggled to extend its authority since arriving in Tripoli in March, hampered by its lack of control over public finances.
The GNA was created to reconcile rival governments set up in Tripoli and the east of Libya in 2014 and to end a conflict between their armed supporters, but it has faced resistance from various factions.
The central bank has been reluctant to release public funding before the GNA wins endorsement from Libya’s eastern-based parliament, which it has so far failed to obtain.
With no hope of parliamentary approval for budgets, the GNA has been forced to seek instalments of emergency funding.
There have also been disagreements over how to tackle problems including a liquidity crisis, inflation, a widening black-market exchange rate premium and a huge public deficit.
The GNA said on Friday that after meetings with the central bank, the audit bureau and the National Oil Corporation (NOC), 37 billion Libyan dinars (Dh94.4bn) of public spending had been agreed for 2017.
That includes 20.7 billion dinars to cover public salaries and 6.3 billion dinars for basic public goods and services and fuel subsidies.
“It was agreed to start taking a number of operational steps that can contribute to meeting essential and basic needs, to reduce the suffering of citizens and restore confidence in the banking sector to provide liquidity,” the central bank said in a separate statement released on Thursday.
“The Central Bank of Libya hopes that this will mark the beginning of a breakthrough in the crisis, and that all parties implement the necessary measures in a timely manner, within law and with transparency.”
The GNA faces huge challenges in Tripoli, where real power is held by a patchwork of militias with shifting allegiances, and where the self-declared government it tried to replace has been attempting to make a comeback.
The GNA is also opposed by eastern power brokers allied to military commander Khalifa Haftar, who has made territorial gains in eastern and central Libya this year and threatened to move on Tripoli.
Breakaway branches of the central bank and the NOC continue to operate in the east, though they have no control over the oil sales and revenues on which Libya is almost entirely dependent.
Oil production is still far below the 1.6 million barrels per day Libya was producing before its 2011 uprising, but since September output has more than doubled to more than 600,000 bpd. It is expected to rise further after the lifting of a two-year blockade on major western pipelines earlier this month.
* Reuters
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
UAE currency: the story behind the money in your pockets
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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Lynsey Addario, Penguin Press
Sri Lanka squad for tri-nation series
Angelo Mathews (c), Upul Tharanga, Danushka Gunathilaka, Kusal Mendis, Dinesh Chandimal, Kusal Janith Perera, Thisara Perera, Asela Gunaratne, Niroshan Dickwella, Suranga Lakmal, Nuwan Pradeep, Dushmantha Chameera, Shehan Madushanka, Akila Dananjaya, Lakshan Sandakan and Wanidu Hasaranga
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The National's picks
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Thank You for Banking with Us
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
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- Keep an open mind
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Married Malala
Malala Yousafzai is enjoying married life, her father said.
The 24-year-old married Pakistan cricket executive Asser Malik last year in a small ceremony in the UK.
Ziauddin Yousafzai told The National his daughter was ‘very happy’ with her husband.
Ready Player One
Dir: Steven Spielberg
Starring: Tye Sheridan, Olivia Cooke, Ben Mendelsohn, Mark Rylance
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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
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Pari
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Director: Prosit Roy
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Three stars