Libya: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Libya
IMF Staff Country Reports, July 11, 2024
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- Libya: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Libya
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Bibliographic details
- Published: July 11, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400281075.002
Key findings and outlook
- Libya remains a fragile state trapped in political uncertainty, though episodes of active conflict have become less frequent.
- The outlook is dominated by the dynamics of hydrocarbon production.
- Baseline projection: declining fiscal and external balances over the coming years, in line with a projected decline in global oil prices.
- The balance of risks is tilted to the downside, with high uncertainty due to the continuing political stalemate and possible geopolitical spillovers.
- The Central Bank of Libya is expected to maintain the current stock of international reserves.
- Libya will continue to have no public debt as conventionally understood.
Fiscal policy and public expenditure
- Libya needs to manage public expenditure consistent with its macroeconomic constraints.
- Proper budgeting is required to avoid procyclical spending.
- Improved coordination between fiscal and monetary policies is necessary.
Monetary policy and financial stability
- Completing the central bank reunification remains key to maintaining financial stability.
- Reforms recommended include strengthening monetary policy and updating the banking supervision framework.
Governance, AML/CFT, and institutional issues
- Subject areas noted include Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Exchange rates, Exchange restrictions, and Foreign exchange.
- Keywords listed in the source: Africa, Anti-money laundering and combating the financing of terrorism (AML/CFT), balance of payments reason, certificate of payment, clearance certificate, Exchange rates, Exchange restrictions, Global, METAC mission, staff's assessment.
Publication metadata and identifiers
- Pages: 46
- Volume: 2024
- Issue: 206
- Series: Country Report No. 2024/206
- Stock No: 1LBYEA2024001
- DOI: https://doi.org/10.5089/9798400281075.002
- ISBN: 9798400281075
- ISSN: 1934-7685
- Publication date on page: July 11, 2024
International Monetary Fund. Middle East and Central Asia Dept. "Libya: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Libya", IMF Staff Country Reports 2024, 206 (2024).
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