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Conclusion of Article Four consultations between the CBL and the relevant ministries with the IMF mission.

Pulbished on:

Tunis May 11, 2024 (Lana)  consultations session on Article 4 of the International Monetary Fund (IMF) was concluded yesterday between the Central Bank of Libya (CBL) and the Ministries of Finance, Economy, Labor, and Planning, Audit Bureau, and the National Oil Corporation, with the mission of the IMF headed by Dimitri Kerkenson and the team accompanying him.

During the meetings, which lasted for 10 days, all topics related to evaluating the economic and financial situation of the country and financial and trade policies were reviewed, as were means of working and coordinating with all state institutions and international partners in order to improve economic, monetary, financial, and trade policies.

The IMF mission emphasized the bank’s vision of the need to diversify sources of income, control and rationalize public spending, address fuel subsidies, and undertake urgent reforms in public finances.

The IMF valued the CBL’s development of its supervisory procedures, the development of governance frameworks, the strengthening of electronic payment systems, and the preservation of the state’s financial sustainability despite internal and external fluctuations, circumstances, and risks.

The session was attended by the Governor of the CBL, Al-Siddiq El-Kabeer, his deputy, Marai Al-Barasi, the head of the Audit Bureau, Khaled Shakshak, the Minister of Labor and Rehabilitation, Ali Al-Abed, and the chief advisor to the Executive Office of the IMF, Cyrus Sasanpour.

=Lana=