{
  "title": "Libya: 2025 Article IV Consultation-Press Release; and Staff Report",
  "publication": "IMF Staff Country Reports, June 25, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/06/25/libya-2025-article-iv-consultation-press-release-and-staff-report-568035",
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  "summary": "The 2025 Article IV Consultation discusses that the continued political division and widespread fragilities have hindered the authorities’ capacity to control public expenditure and enact necessary reforms.",
  "sections": [
    {
      "heading": "Overview and Context",
      "content": "- Continued political division and widespread fragilities have hindered the authorities’ capacity to control public expenditure and enact necessary reforms.\n- Forging a comprehensive reform program aimed at reducing dependence on oil revenues is identified as a top priority for the authorities.\n- Structural and governance reforms are recommended to foster the emergence of a diversified, sustainable, and private sector-led economy."
    },
    {
      "heading": "Macroeconomic Performance and Outlook",
      "content": "- Real gross domestic product growth is estimated to have declined to around 2 percent in 2024 from 10 percent in 2023, driven by a contraction in the hydrocarbon sector.\n- The outlook is dominated by developments in the oil sector, and the country remains exposed to global downside risks.\n- The current account is slated to post a small surplus in 2025 before turning into a small deficit over the medium term, as oil prices remain subdued."
    },
    {
      "heading": "Fiscal and External Positions",
      "content": "- The fiscal balance is projected to remain in deficit under the weight of continued large government spending.\n- Controlling expenditure is emphasized as key to ensure sustainability and to achieving intergenerational equity."
    },
    {
      "heading": "Key Findings and Projections",
      "content": "- Real GDP growth: 10 percent (2023); around 2 percent (2024).\n- Current account: small surplus in 2025; small deficit over the medium term as oil prices remain subdued.\n- Fiscal balance: projected to remain in deficit due to large government spending."
    },
    {
      "heading": "Policy Recommendations",
      "content": "- Control public expenditure to restore fiscal sustainability and support intergenerational equity.\n- Implement structural and governance reforms to reduce dependence on oil revenues and encourage private sector-led diversification.\n- Prioritize a comprehensive reform program aimed at reducing the economy’s dependence on oil revenues."
    },
    {
      "heading": "Subject Tags and Keywords (as provided)",
      "content": "- Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Expenditure, Oil prices, Oil production, Prices, Production\n- Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), authority capacity development, clearance certificate, Global, METAC mission, METAC study tour, METAC TA, Oil prices, Oil production, transparency policy\n\n---\n\n Content in this bundle\n\n- 1lbyea2025001 Print Pdf\n  - 1lbyea2025001 Print Pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1lbyea2025001 Print Pdf (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 25, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229015516.002",
    "Continued political division and widespread fragilities have hindered the authorities’ capacity to control public expenditure and enact necessary reforms.",
    "Forging a comprehensive reform program aimed at reducing dependence on oil revenues is identified as a top priority for the authorities.",
    "Structural and governance reforms are recommended to foster the emergence of a diversified, sustainable, and private sector-led economy.",
    "Real gross domestic product growth is estimated to have declined to around 2 percent in 2024 from 10 percent in 2023, driven by a contraction in the hydrocarbon sector.",
    "The outlook is dominated by developments in the oil sector, and the country remains exposed to global downside risks.",
    "The current account is slated to post a small surplus in 2025 before turning into a small deficit over the medium term, as oil prices remain subdued.",
    "The fiscal balance is projected to remain in deficit under the weight of continued large government spending.",
    "Controlling expenditure is emphasized as key to ensure sustainability and to achieving intergenerational equity.",
    "Real GDP growth: 10 percent (2023); around 2 percent (2024).",
    "Current account: small surplus in 2025; small deficit over the medium term as oil prices remain subdued.",
    "Fiscal balance: projected to remain in deficit due to large government spending.",
    "Control public expenditure to restore fiscal sustainability and support intergenerational equity.",
    "Implement structural and governance reforms to reduce dependence on oil revenues and encourage private sector-led diversification.",
    "Prioritize a comprehensive reform program aimed at reducing the economy’s dependence on oil revenues.",
    "Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Expenditure, Oil prices, Oil production, Prices, Production",
    "Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), authority capacity development, clearance certificate, Global, METAC mission, METAC study tour, METAC TA, Oil prices, Oil production, transparency policy",
    "**1lbyea2025001 Print Pdf**"
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