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International Monetary Fund. External Relations Dept.

After the lifting in 2003–04 of international sanctions, which had lasted more than 10 years, Libya decided to undertake structural reforms and accelerate its transition to a market economy. While the authorities have recently made progress in liberalizing the economy, it remains largely state-controlled and nondiversified. Three-fourths of employment is still in the public sector, private investment is minuscule (2 percent of GDP), and the oil sector is dominant.