(3 minutes read) (Global)
- The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Libya. Under this clause, the IMF holds bilateral discussions with members, usually every year. This involves the visit of a staff team to the country to collect economic and financial information
The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Libya. Under this clause, the IMF holds bilateral discussions with members, usually every year. This involves the visit of a staff team to the country to collect economic and financial information. The team also holds and discusses with officials on the country’s economic developments and policies.
Importantly, the Article IV consultation took place after a decade-long gap. The Executive Board commended the Libyan authorities for their efforts to reengage with the Fund. They noted the limitations to policy implementation arising from political fragmentation. The team urged the authorities to intensify efforts to resolve conflicts and address the substantial economic challenges.
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The IMF board pointed out that substantial capacity development would be needed to modernize fiscal frameworks and monetary and financial sector policies. The team noted that the key medium-term challenge was to diversify away from hydrocarbons and to promote stronger and more inclusive private sector-led growth. The IMF encouraged Libya to enhance transparency, strengthen institutions and address corruption and governance concerns to support these efforts.
