IMF Calls On Libya for Unified Budget, Structural Reforms

  • State of Libya
  • 16 December 2024
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At the end of its visit to Libya, a team of IMF experts called for the need to complete financial and economic reforms to meet future challenges.

Experts highlighted potential risks that could affect Libya's economy in 2024, such as low oil prices and political tensions. Experts called for the importance of agreeing on a unified and approved budget for 2025 to achieve financial stability and improve resource management. The experts pointed out that Libya's efforts to develop monetary policy tools and support energy sector reforms will be pivotal in achieving economic sustainability.

In the area of structural reforms, experts stressed the need to reform energy subsidies, which are a burden on the economy, in addition to the need to diversify economic activity away from oil and strengthen the role of the private sector.

Source (Al-Araby Al-Jadeed Newspaper, Edited)

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