The preparatory meetings for Article IV consultations between the International Monetary Fund (IMF) and Libya’s Central Bank team continued for a third day in Tunis.
Discussions have centred on Libya’s 2024 budget, medium-term financial framework, development spending projections for the next two years, and a unified budget forecast for 2024.
Key topics included improving tax and customs collection tools, forecasting macroeconomic performance, budget preparation, energy subsidy reforms, and customs reforms.
The meetings also addressed expected oil production rates, projected prices, governance in the public sector, and key findings from the Audit Bureau’s reports, according to the Central Bank of Libya.
Representatives from the ministries of Economy, Trade, Finance, and Planning, as well as the National Oil Corporation and the Audit Bureau, participated in the discussions.
Under Article IV of the IMF’s founding agreement, annual bilateral consultations are conducted with member states.
These consultations involve IMF experts visiting member countries to collect economic and financial data and engage with officials on economic developments and policies.
Following their return, the IMF prepares a report for its Executive Board to deliberate, and the Managing Director summarises the Board’s views, which are shared with the member country.
The IMF resumed direct discussions with Libyan officials in March 2023 after a decade-long hiatus since 2013, despite Libya’s continued membership in the international financial institution.
