By Ahmed Elumami.
Tripoli, 27 February 2014:
The General National Congress (GNC) has given the green light for the Central Bank of Libya . . .[restrict](CBL) to lend the Ministry of Electricity LD one billion to tackle the problem of power cuts.
“Out of 90 GNC members, 71 voted to allow CBL to grant the loan to help it address continued power cuts across the country,” Surman Congresswoman Amina Mahjoub told the Libya Herald.
A member of the media office of CBL said the loan would be taken from the emergency budget, which was intended for cases such as these.
Congress had decided the loan would be deducted from the Ministry’s 2014 budget in instalments, to not put the Ministry under undue financial pressures, Mahjoub said. Because this was not a sovereign decision, she added, a quorum of 120 Congress members was not needed to approve the decision.
The loan will be first deposited in the account of the Prime Ministry, from where the funds will be transferred into the Electricity Ministry’s accounts. [/restrict]