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International Monetary Fund
This Selected Issues paper aims to present a medium-term reform strategy that could be pursued by Libya to accelerate its transition to a market economy. The paper reviews the main characteristics of the Libyan economy, and medium-term prospects under current policies. It examines the priority reforms that Libya needs to implement to accelerate its transition to a market economy, while maintaining macroeconomic stability. The paper also reviews a second set of reforms that aim to consolidate the reform process and advance the restructuring of the economy in favor of the non-oil sector.
International Monetary Fund

addition, CBL authorities indicated that they had identified flaws in their accounting system, including the recording of CBL reserves. The mission noted that, in some cases (for example, improving the timeliness of collection of data on consumer prices and the compilation of statistics on direct foreign investment and on official and private transfers) improvements in the statistical base could be achieved without a substantial addition of resources. 50. The authorities indicated that, with the move of government bank accounts to the central bank in October 2001

International Monetary Fund
This 2005 Article IV Consultation underlies that in 2004, Libya’s macroeconomic performance was satisfactory, owing mainly to higher oil prices and increased oil output. Real GDP grew 4½ percent while consumer prices declined. The favorable developments in the oil market contributed to a significant improvement in the external current account surplus, which reached some 24 percent of GDP. In 2005, macroeconomic performance remained relatively strong. Real GDP growth was about 3½ percent, and inflation low. In contrast to previous years, economic growth is estimated to have been generated mainly in the non-oil economy.
International Monetary Fund
This paper examines Liberia’s 2001 Article IV Consultation and Overdue Financial Obligations to the IMF. Liberia’s policy performance, as well as its relations with donors and creditors, has deteriorated since the conclusion of the last Article IV Consultation and the last post-ineligibility review. Payments to the IMF have become increasingly irregular, although relations with the World Bank remain in hiatus. IMF staff proposes that the Executive Board note the intention to initiate the procedure on the suspension of Liberia’s voting and related rights in the IMF.
International Monetary Fund. African Dept.

maintenance period. Furthermore, the Joint LWG could take a more active approach to liquidity management. 29. The removal of parliamentary veto on currency printing should be a priority . The authorities should step up their efforts to request Legislature’s reversal of the amendment, which unduly affects the autonomy of the CBL. Authorities’ Views 30. The authorities stressed the impact of lower dollar inflows and the need for autonomy of the CBL . While agreeing with the objective of rebuilding reserves, the CBL indicated that progress is contingent on the

Management Assistance Program (GEMAP). GEMAP is a direct response to the concerns of the government and partners about the mismanagement of public resources in the post-conflict transition and its threat to the peace process. An Economic Governance Steering Committee (EGSC), chaired by the president and comprising administration officials, CBL authorities, international partners and civil society, oversees the implementation of GEMAP. 19. GEMAP has six components: (i) securing Liberia’s revenue base, (ii) improving budgeting and expenditure management, (iii

appointees. External audits during the NTGL revealed malfeasance and poor PFM. 18. In September 2005, the NTGL and its international partners signed the Governance and Economic Management Assistance Program (GEMAP). GEMAP is a direct response to the concerns of the government and partners about the mismanagement of public resources in the post-conflict transition and its threat to the peace process. An Economic Governance Steering Committee (EGSC), chaired by the president and comprising administration officials, CBL authorities, international partners and

International Monetary Fund. African Dept.
This 2016 Article IV Consultation highlights that the Ebola epidemic and the fall in commodity prices have revealed the vulnerabilities of Liberia’s economy. After barely positive growth in 2014, GDP was flat in 2015 mainly owing to the decline in activity in the iron ore and rubber sectors. Although international gross reserves increased in 2015, the Central Bank of Liberia’s net foreign exchange position declined owing to operational deficits and exceptional support to the banking sector. In 2016, growth is expected to rise to 2.5 percent, thanks to a rebound in services and the start of gold production, while inflation should stay in the single digits.