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A team of IMF experts stresses the importance of agreeing on a unified budget in Libya for 2025.

Pulbished on:

Tripoli, 15 December 2024 (Lana) A team of International Monetary Fund (IMF) experts stressed, at the conclusion of a recent visit to Libya, the importance of agreeing on a unified and approved budget in Libya for 2025 to achieve financial stability and improve resource management.

In a statement issued following its visit to Tunisia between December 2 and 6, the team supported the efforts of the Central Bank of Libya to facilitate access to foreign currency and provide liquidity in local currency, including reducing the tax on foreign currency to 15% and increasing bank liquidity, noting that Libya's efforts to develop monetary policy tools and support energy sector reforms will be pivotal in achieving economic sustainability.

The experts noted the potential risks that may affect the Libyan economy in 2024, such as the decline in oil prices and political tensions.

The IMF mission is scheduled to continue providing assistance to develop capacities in various economic areas, and the next Article IV consultations will be held in April 2025 to follow up on these reforms and assess the economic situation in Libya.

=Lana=