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  • 21-07-22

    Turkish trade body offers bartering to resolve USD4B default for ventures finished in Libya

    (MENAFN) A top Turkish trade organization offered a barter mechanism on Wednesday to solve the default of USD4 billion to Turkish businesses that finished ventures in Libya but did not get paid.

    Murtaza Karanfil, head of the Türkiye-Libya Council of the Foreign Economic Relations Board of Türkiye (DEIK) stated that "In addition to being a solution to the struggling payment mechanism in Libya, the barter system can offer a new market of $40 billion to Turkish businesses."

    In an announcement, Karanfil stated that the USD4 billion that Turkish businesses have not yet established in exchange for ventures approved out in Libya previously in 2011.

    He highlighted that the payment mechanism, which is presently working with problems because of the political uncertainty in Libya, can only be resolved vie the exchange process.

    Highlighting that the worldwide energy transformation effort to battle climate change would have a damaging impact on oil-dependent economies including Libya, Karanfil stated that if Libya does not take action in the five to 10 years, it has to "grapple with an economic downturn."

    Karanfil also stated that "We must both accept and explain to the Libyans that the barter system is the best step that can save Libya from being in such a situation."

    MENAFN21072022000045014228ID1104566557

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