In its Concluding Statement on its 2024 Mission on Article IV consultations with released today, the IMF said Libya’s short- and medium-term economic outlook is dominated by the dynamics of hydrocarbon production. The consultations discuss Libya’s economic and financial developments, the macroeconomic outlook, and the country’s policy and reform priorities. Strengthening Libya’s fiscal framework would enhance macroeconomic resilience. Avoiding the procyclical spending bias and strengthening Libya’s fiscal framework would enhance macroeconomic resilience and reduce volatility in activity and output. In this regard, improving costing tools and developing a fiscal framework for resource management would be a critical first step.

Source: Libya Today May 13, 2024 14:53 UTC