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International Monetary Fund: Libya urgently needs a clear national economic vision for the future.

Pulbished on:

Tripoli, May 19, 2024 (LANA) - The International Monetary Fund called on Libya to develop a clear economic vision for the country and diversify its economic activities away from oil and gas.

In its special report regarding the recent visit of its experts to Libya, the Fund urged the Libyan authorities to take advantage of the comparative advantages that the country enjoys, such as its location, land area, natural resources, and easy access to energy and labor, to promote the development of non-oil economic activity.

The Fund said in its report, “Dependence on oil and gas in Libya remains dominant over the economic prospects in the short and medium term, and therefore Libya is in dire need of a clear national economic vision for the future.”

The Fund stated that there is a need to develop a plan to increase development spending with the aim of alleviating the bottlenecks facing growth, and reducing public finance costs associated with increasing spending on public sector wages and on subsidies.

According to the Fund’s report, the next Article IV consultations with Libya are expected to be held in the spring of 2025 on the basis of the regular 12-month cycle.

... (LANA)...