{
  "title": "Libya: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Libya",
  "publication": "IMF Staff Country Reports, July 11, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/07/11/libya-2024-article-iv-consultation-press-release-staff-report-and-statement-by-the-551681",
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  "summary": "The 2024 Article IV Consultation highlights that Libya remains a fragile state trapped in political uncertainty, but the episodes of active conflict have become less frequent. The outlook continues to be dominated by the dynamics of hydrocarbon production.",
  "sections": [
    {
      "heading": "Key findings and outlook",
      "content": "- Libya remains a fragile state trapped in political uncertainty, though episodes of active conflict have become less frequent.\n- The outlook is dominated by the dynamics of hydrocarbon production.\n- Baseline projection: declining fiscal and external balances over the coming years, in line with a projected decline in global oil prices.\n- The balance of risks is tilted to the downside, with high uncertainty due to the continuing political stalemate and possible geopolitical spillovers.\n- The Central Bank of Libya is expected to maintain the current stock of international reserves.\n- Libya will continue to have no public debt as conventionally understood."
    },
    {
      "heading": "Fiscal policy and public expenditure",
      "content": "- Libya needs to manage public expenditure consistent with its macroeconomic constraints.\n- Proper budgeting is required to avoid procyclical spending.\n- Improved coordination between fiscal and monetary policies is necessary."
    },
    {
      "heading": "Monetary policy and financial stability",
      "content": "- Completing the central bank reunification remains key to maintaining financial stability.\n- Reforms recommended include strengthening monetary policy and updating the banking supervision framework."
    },
    {
      "heading": "Governance, AML/CFT, and institutional issues",
      "content": "- Subject areas noted include Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Exchange rates, Exchange restrictions, and Foreign exchange.\n- 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."
    },
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      "content": "- Pages: 46\n- Volume: 2024\n- Issue: 206\n- Series: Country Report No. 2024/206\n- Stock No: 1LBYEA2024001\n- DOI: https://doi.org/10.5089/9798400281075.002\n- ISBN: 9798400281075\n- ISSN: 1934-7685\n- Publication date on page: July 11, 2024\n\nInternational 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).\n\n---\n\n Content in this bundle\n\n- 1lbyea2024001 Print Pdf\n  - 1lbyea2024001 Print Pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1lbyea2024001 Print Pdf (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 11, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400281075.002",
    "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.",
    "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.",
    "Completing the central bank reunification remains key to maintaining financial stability.",
    "Reforms recommended include strengthening monetary policy and updating the banking supervision framework.",
    "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.",
    "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",
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