LIA assesses effects of Coronavirus on its investments and takes action
By Sami Zaptia.
London, 21 July 2020:
The Libyan Investment Authority (LIA), Libya’s main sovereign wealth fund, said it has launched a comprehensive evaluation plan to counter the effects of the Coronavirus on the performance of its portfolios and companies.
According to its statement issued on Sunday, the LIA had tasked Deloitte, the leading financial audit firm, which are acting as consultants to the LIA, to assess the effects of Corona on its investments.
The LIA reported that the results of the assessment have been circulated to all its portfolios and companies to take appropriate action.
The LIA reported that according to the evaluation, the most sensitive and vulnerable companies – because of global market volatility due to the Corona epidemic – were 18 of its companies, including companies in the hotel investments and oil and gas sectors.
The LIA said that the evaluation study has issued recommendations to strengthen investments facing the fallout from the Coronavirus, including improving capital and reducing costs, debt rescheduling, recommendations for short-term liquidity management and the search for alternative sources of financing.