Libyan Central Bank Governor Discusses Economy With IMF

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The Governor of the Central Bank of Libya (CBL), Al-Siddiq Al-Kabir met with the Director of the Middle East and Central Asia Department, and the Executive Director of the Libya Group at the International Monetary Fund (IMF). They discussed the financial and economic situation in Libya.

During an expanded meeting, held at the Fund’s headquarters in Washington, the two parties also discussed the efforts of the CBL to maintain financial sustainability. The meeting reviewed progress in technical cooperation programs between the CBL and the IMF.

According to a statement by the CBL, the meeting concluded with an agreement to launch a package of joint programs for 2023, including a roadmap for their implementation.

Al-Kabir also discussed efforts to recover loans granted by the Libyan state before 2010.

They also discussed enhancing bilateral cooperation, especially in launching training programs to develop CBL employees.

The IMF expects prices and inflation rates to continue to rise in Libya, and the Arab region during 2022.

According to the data of the World Economic Outlook released in April, the inflation rate in Libya is estimated to reach 3.7% in 2022.

The report said that the Libyan economy will grow by the end of this year, at a rate ranging from 3.5-5.3%. It pointed out that Iraq will record the fastest economic growth in the Arab region, estimated at 9.5%.

Notably, CBL data for December 2021 showed an increase in the inflation rate in Libya by 4.1%, amid a noticeable increase in the prices of goods in the country.

In March, the IMF warned of Libya’s need to structurally reform its economic system. This comes amid fears of the consequences of the Ukrainian crisis, and global inflation after the COVID-19 epidemic.

The IMF’s recommendation came during a meeting with officials from the CBL.