According to a report published by the “Africa Intelligence” website, between 3 and 4 billion dollars have already accumulated in the account of the National Oil Corporation with the bank, which respected the decision, and did not allow the disbursement of these funds to any Libyan party.
The report believes that the NOC has begun, with the tacit support of Washington, to cut off financial supplies to the outgoing government of Abdul Hamid Dabaiba, which refuses to hand over power to the new prime minister elected by parliament, Fathi Bashagha.
The move appears aimed at preventing the previous government from using funds to prolong its existence, as well as not to act in it by the Central Bank, whose governor, Siddiq al-Kabeer, tends to support Dabaiba’s stay.
According to the economist Jamal Al-Ghamari, the head of the Oil Corporation, Mustafa Sanalla, has been trying for some time to use these funds more to finance maintenance and new investments in the infrastructure of the oil institutions, whether in ports or fields, indicating that a conflict took place over this between Sanalla and several officials. Among them is Al-Siddiq Al-Kabeer, as well as the former Prime Minister, Fayez Al-Sarraj.
Al-Ghamari explained to “Sky News Arabia”, that Sanalla is close to Bashagha, and they have family ties, expecting that Sanalla will be able to obtain Washington’s support, taking advantage of the opportunity that it is pushing towards increasing oil production to curb the large rise in its prices as a result of the war in Ukraine, and to compensate Europe’s energy deficit.
“Big Blow”
Salah al-Din al-Amiri, a specialist in financial affairs, describes the news of the freezing of oil revenues as a “big blow” to the Dabaiba government, “which increased spending on the basis of the principle of providing financial temptations to the people or officials in the municipalities, and financing close militias to win its favor and stand by it to remain for the longest time in the world. The authority, in agreement with the great friend, who provided it with the money of the Central Bank, as he put it.
Al-Amiri added to “Sky News Arabia”, that among the “temptations” presented were the marriage grant for young people, which cost a huge amount, and promises to disburse new family grants starting in the month of Ramadan.
In previous interviews with “Sky News Arabia”, experts criticized what they described as “politicizing” the Central Bank and the attempt of its governor, Al-Siddiq Al-Kabeer, to involve it in political battles that will lead to the collapse of the Libyan dinar, and not to benefit from the current period in which oil exports are active.
Complaints of Libyan institutions against the Central Administration increased in several matters, including that it did not comply with the House of Representatives’ decision not to spend all budget items to Abdel Hamid al-Dabaiba; Because they contain items that the council said open the door to manipulation.
The Audit Bureau has several times monitored violations, and submitted documents saying that billions were spent on unknown items.
The Ministry of Oil and Gas has previously set its goal of increasing production to 1.5 million barrels per day in the coming period; Hoping to take advantage of the intense need in Europe for energy after its tendency to reduce its dependence on Russia, and the subsequent big jump in oil prices.
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