Audit Bureau’s Head: Wars are hindering development projects in Libya

The Libyan Audit Bureau seems to have established a new strategy that aims at implementing the 2030 sustained development as per the plans of the United Nations.

The Head of the Audit Bureau Khalid Shakshak said Libya is way behind catching up with the international development in the track of implementing the 17 sustainable growth goals set by the UN in 2015.

Shakshak told the Financial Control newspaper that Libya is lagging behind world countries despite establishing a committee committed to this program by the Planning Ministry, adding that wars in the country hindered implementing the goals.

“We have formed a committee to study and evaluate the development goals’ implementation. We prioritize controlling the work of Libyan public institutions abasing intentional standards.” He added.

Shakshak indicated that the Audit Bureau is also working on limiting financial corruption in Libya as committees and teams formed by the bureau managed to depict money smuggling transactions from 2016, when 23 companies received money smuggled abroad.

He added that in 2016, 31 firms manipulated the letters of credit transactions to their own benefit and obtained letters worth 141 million dollars – 86% of the letters of credit, knowing that the imported goods were only 14% of the letters of credit.

The Audit Bureau added in the fourth edition of the Financial Control newspaper, issued recently, that it had depicted 24 bank accounts for two families exchanging money worth one billion dinars between January 01, 2106 and July 31, 2016, most of which were bank transfer transactions, while cash exchange was worth 56 billion dinars.

It also talked about clearing transactions as several bank checks are circulated by different accounts, saying the Central Bank of Libya ignored this issue that could have bad effect on the Libyan economy since it is considered a type of money laundering.

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