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International Monetary Fund
Libya’s macroeconomic performance in 2008 has been strong, with real GDP growth of about 4 percent, and record fiscal and external surpluses. The staff report for Libya’s 2009 Article IV Consultation underlies economic developments and policies. The outlook has been adversely affected by the global crisis mostly through a decline in oil prices and output. This outlook is subject to downside risks relating to a further worsening in global economic conditions or a wavering of the efforts to improve the quality of public expenditure and advance structural reforms.
International Monetary Fund. Middle East and Central Asia Dept.
The political and security environment remains uncertain in Libya. Libya faces the challenges of stabilizing the economy and responding to the aspirations of the revolution. The near-term outlook is favorable, but there are significant risks. The overarching policy objective should be to foster inclusive growth. Banks are not intermediating, and resources should be devoted to its effective implementation. Expenditure is skewed toward wages and subsidies. Libya needs to adopt a comprehensive reform strategy. The government agrees with the assessment of the economic outlook and associated risks and policy options as outlined by Executive Directors.
International Monetary Fund
This 2006 Article IV Consultation highlights that Libya has made efforts to liberalize its economy and foreign trade, achieving increasing economic growth while maintaining macroeconomic stability. In 2006, economic conditions continued to be satisfactory. Real GDP grew about 5½ percent, reflecting an increase of 4½ percent in the value added of the hydrocarbon sector. In 2006, structural reform continued with the implementation of a wide range of measures covering fiscal management and taxation, banking and payments systems, trade, and the business environment.
Mr. Ralph Chami, Mr. Adolfo Barajas, Anjali Garg, and Connel Fullenkamp
Using data on the distribution of migrants from Africa, GDP growth forecasts for host countries, and after estimating remittance multipliers in recipient countries, this paper estimates the impact of the global economic crisis on African GDP via the remittance channel during 2009-2010. It forecasts remittance declines into African countries of between 3 and 14 percentage points, with migrants to Europe hardest hit while migrants within Africa relatively unaffected by the crisis. The estimated impact on GDP for relatively remittance-dependent countries is 2 percent for 2009, but will likely be short-lived, as host country income is projected to rise in 2010.
International Monetary Fund. Middle East and Central Asia Dept.

The political and security environment remains uncertain in Libya. Libya faces the challenges of stabilizing the economy and responding to the aspirations of the revolution. The near-term outlook is favorable, but there are significant risks. The overarching policy objective should be to foster inclusive growth. Banks are not intermediating, and resources should be devoted to its effective implementation. Expenditure is skewed toward wages and subsidies. Libya needs to adopt a comprehensive reform strategy. The government agrees with the assessment of the economic outlook and associated risks and policy options as outlined by Executive Directors.

International Monetary Fund
In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the "SFA Instrument"). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of a subaccount within the SFA. This paper requests Executive Board approval to establish the METAC subaccount under the terms of the SFA Instrument. Management has engaged in discussions with member countries in the Middle East region as well as donors on regional needs in capacity building, training and related activities. Because METAC has a proven track record to provide focused, flexible, and responsive technical assistance (TA) in a cost-effective manner, both beneficiary countries of METAC and interested donors are supportive to continue the Fund’s involvement in this regard. The center’s activities will continue to focus on the following key areas representing common policy challenges to member countries, including those related to increased regional integration: (i) revenue administration; (ii) public financial management; (iii) banking supervision; and (iv) economic and financial statistics.
International Monetary Fund

Libya’s macroeconomic performance in 2008 has been strong, with real GDP growth of about 4 percent, and record fiscal and external surpluses. The staff report for Libya’s 2009 Article IV Consultation underlies economic developments and policies. The outlook has been adversely affected by the global crisis mostly through a decline in oil prices and output. This outlook is subject to downside risks relating to a further worsening in global economic conditions or a wavering of the efforts to improve the quality of public expenditure and advance structural reforms.

International Monetary Fund

This 2006 Article IV Consultation highlights that Libya has made efforts to liberalize its economy and foreign trade, achieving increasing economic growth while maintaining macroeconomic stability. In 2006, economic conditions continued to be satisfactory. Real GDP grew about 5½ percent, reflecting an increase of 4½ percent in the value added of the hydrocarbon sector. In 2006, structural reform continued with the implementation of a wide range of measures covering fiscal management and taxation, banking and payments systems, trade, and the business environment.