IMF commends the Libyan reforms
Libya, Economics, 10/25/2003

The International Monetary Fund on Thursday announced that since lifting the UN sanctions, Libya has started measures of economic reforms targeting to liberalize the economy and preparations to join the World Trade Organization WTO.

The IMF said that the Libyan economy which is based on oil and constricted by the international sanctions, is expected to grow at a rate of 5.6% for the current year following a recession of 0.2% in 2002.

The IMF "welcomed the initiatives made by the authorities to merge Libya in the regional and international economics." He praised "Libya's determination to join free trade agreements with the Arab states and to joining the World Trade Organization."

It said that the "main challenge which faces the authority is generating enough growth and job opportunities to meet demands of a labor force growing rapidly." He added that the Libyan authorities listened recently to a consultation regarding the economic policies including the cancellation of a tax on foreign exchange operations which used to take place in private sector and devaluating the Dinar by 15%.

The IMF also called for more auditing in the oil reserve fund accounts. It added that Libya has to study the formation of a permanent committee for monetary policy in order to evaluate monetary developments and draw a framework program for monetary policies. It said that there is a need for a joint move to correct aspects of weakness in supervising banks in the country.

Previous Stories:
  Libya asks to join WTO, liberalize economy with vibrant private economy, active public role   (6/19/2003)
  Qathafi requires public officials to be highly qualified; make use of globalization   (6/14/2003)
  Qathafi calls for fundamental economic reforms   (6/14/2003)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search