Libya faces the problem of escalated unemployment
Libya, Economics, 4/18/2005

Libya is facing the problem of unemployment which reached according to some estimates 15%, at a time that the state's administrative department is not able to hire more employees as the number of workers in it reached one fifth of the population.

This, however, pushed the Libyan authorities to tighten measures concerning foreign labor force in Libya. The International Monetary Fund (IMF) recommended Libya in March to use oil revenues expected to be achieved at the medium range or allocate part of it to finance investment by human resources, and to make structural reforms including rehabilitating of public sector projects and civil services.

The IMF considered the series of the recent increase in the Libyan budget as an opportunity to accelerate the economic reforms, in addition to preserving the stability of the economy as a whole.

The Libyan economy has achieved a growth, part from the oil sector at 2.6% in 2004 and 2.2% in 2003.

Previous Stories:
  Volume of trade between Egypt-Libya hit $ 200 million   (4/1/2005)
  Libyan parliament approved the privatization of the banking sector   (3/15/2005)
  British interest in Libyan oil   (2/14/2005)

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