2024-05-12 17:25:59
Article IV consultations between Libya and the International Monetary Fund on the country’s economic and financial situation, and financial and trade policies, concluded in Tunisia today, Friday.
The ten-day consultations were attended by a high-level Libyan delegation that included the Governor of the Central Bank of Libya, the Head of the Audit Bureau, the Minister of Labor and Rehabilitation, and the Deputy Governor of the Central Bank of Libya, along with representatives of the Ministries of Finance, Economy, Planning, and the National Oil Corporation.
On the other hand, the IMF delegation was headed by Dimitri Kerkenson and the team accompanying him, in addition to the chief advisor to the Fund’s Executive Office, Cyrus Sasanpour.
During the consultations, attendees discussed ways to work and coordinate with all state institutions and international partners to improve economic, monetary, financial and trade policies.
The International Monetary Fund mission stressed the need to diversify sources of income in Libya, control and rationalize public spending, address fuel subsidies, and undertake urgent reforms in public finances.
The Fund valued the Central Bank of Libya’s development of its supervisory procedures, governance frameworks, and electronic payment systems, and maintaining the state’s financial sustainability despite internal and external fluctuations, circumstances, and risks.
Article Four of the Agreement establishing the International Monetary Fund stipulates annual bilateral discussions with member countries, where a team of Fund experts visits the member country, collects the necessary economic and financial information, and holds discussions with official officials about economic developments and policies in that country.
Source: Central Bank of Libya + Al-Ahrar.
2024-05-12 17:25:59