Libya’s medium-term economic outlook remains positive despite the devastating floods that hit the country in September, mainly on the back of projected high oil prices, the International Monetary Fund has said. There is an urgent need for a clear economic vision for the country, the IMF said. "In the short term, Libya requires a budget to support policy credibility, because untargeted fiscal spending complicates the implementation of the macroeconomic policy," the fund said. "The immediate benefit stemming from the August announcement is improved co-ordination in the areas of monetary policy, banking system liquidity and supervision. "Progress in addressing Libya’s short and medium-term challenges – including by modernising fiscal and monetary policy frameworks – will, to a large extent, depend on the pace of political reconciliation," the IMF said.

Source: Libya Today November 20, 2023 22:05 UTC