The Minister of Economy and Trade Mohammed Al-Huweij said that the letters of credit opened during the last quarter of the year 2023 exceeded $4 billion, pointing out that the number of companies obtaining credits for food and meat reached 733, adding that their products will be available in the market before the month of Ramadan to contribute to price stability.

Al-Huweij's remarks came during a meeting held by Prime Minister Abdul Hamid Dbeibah on Monday with the Ministry of Economy and Trade and the Customs Authority to follow up on the provision of basic goods during the upcoming month of Ramadan and to establish the basis for their prices according to the cost of supplying them, a statement published by the government media office on Facebook said.

Al-Huweij pointed out that the Central Bank of Libya reopened letters of credit for businesspeople for the year 2024 after a 40-day hiatus, which will help in the availability of basic goods before the month of Ramadan.

Dbeibah asked for monitoring markets and supply chains, starting from opening credit to ports until reaching points of sale, monitoring prices, controlling cases of monopoly if they occurred, taking legal measures against them, and emphasizing the competitive environment in the market.

He also called for the refusal to grant an exception for the supply of a prohibited commodity to a specific company, and the need for the Ministry of Economy to undertake its procedures to provide equal opportunities for all suppliers, recognize health certificates issued by internationally accredited centers, and determine a periodic list announced by the Ministry in order to contribute to the flow of goods without monopoly by certain businesses.

The Libyan PM stressed the necessity of following up on the main private suppliers and factories, ensuring the quantities available during the coming period, and not allowing speculation in prices, reiterating the need for continued coordination to ensure the availability of basic goods, and focusing on the Ports and Customs Authority in working around the clock to facilitate the speedy release of goods as well as ensuring its access to various points of sale.