Libya Beyond the Revolution: Challenges and Opportunities
Departmental Papers, April 16, 2012
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- Libya Beyond the Revolution: Challenges and Opportunities
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Bibliographic details
- Published: April 16, 2012
- Series: Departmental Papers
- DOI: https://doi.org/10.5089/9781475504392.087
Executive summary
- Publication date: April 16, 2012
- Series: Departmental Paper No 2012/003; Issue: 003; Volume: 2012; Pages: 28
- DOI: https://doi.org/10.5089/9781475504392.087
- Stock No: LBRCEA; ISBN: 9781475504392; ISSN: 2616-5333
- Core focus: post-2011-revolution reconstruction of Libya’s economy, infrastructure, and institutions; risks to economic recovery; measures to promote economic diversification and employment growth.
Short-term priorities identified
- Restore security.
- Bring hydrocarbon production fully online.
- Exercise fiscal discipline.
- Resuscitate the banking system.
- Maintain macroeconomic stability.
Medium-term priorities identified
- Capacity building.
- Infrastructure renewal.
- Private-sector development.
- Improving education.
- Job creation.
- Implement an effective social safety net.
- All medium-term efforts to be carried out within a framework of transparent and accountable governance.
Context and institutional response
- The 2011 revolution and accompanying conflict had a severe impact on the economy.
- International financial institutions responded to requests from Libyan authorities to provide policy consultations and technical assistance to help maintain macroeconomic stability.
- Libya's National Transitional Council (NTC) has taken steps to promote a peaceful political transition, normalize economic conditions, and set out a national reform agenda.
Risks and challenges highlighted
- Risks to economic recovery stemming from security, hydrocarbon output disruptions, fiscal pressures, and banking-system distress.
- Need for policies that promote economic diversification and employment growth to address structural vulnerabilities.
Subjects and keywords (as provided)
- Subjects: Budget planning and preparation; Commercial banks; Expenditure; Financial institutions; Fiscal policy; Public financial management (PFM); Social assistance spending.
- Keywords: Budget planning and preparation; Commercial banks; country; DP; DPPP; financial situation; GDP; Global; government; government financing expenditure; Libya; liquid financial assets; market value; private-sector development; reserve account; Social assistance spending.
International Monetary Fund. "Libya Beyond the Revolution: Challenges and Opportunities", Departmental Papers 2012, 003 (2012).
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- Libya beyond the Revolution: Challenges and Opportunities