Mon. Jun 24th, 2024

The Central Bank of Libya is preparing to participate in the activities of the Paris Economic Forum, scheduled to be held on the third of next July.

The Central Bank of Libya received an official invitation to attend the forum, which brings together a group of experts and specialists in the financial and economic field worldwide.

The invitation came after talks between the governor of the Central Bank of Libya, Sadiq al-Kabir, and France’s ambassador to Libya, Mustafa Maharaj.

The meeting dealt with ways of cooperation in vital areas such as combating money laundering, terrorist financing, financial compliance, risk management, and enhancing cybersecurity.

In a related context, the Central Bank of Libya announced its success in concluding the Article IV consultations with the International Monetary Fund, which lasted for ten days in the Tunisian capital, and included an assessment of the economic and financial situation of Libya, in addition to the current financial and trade policies.

The International Monetary Fund stressed the need to diversify sources of national income in Libya, control public spending, address fuel subsidy issues, and accelerate the implementation of fundamental reforms in the state’s public financial system.

Consultations of the Central Bank of Libya and the International Monetary Fund on Article IV began on May 1, 2024, and lasted ten days.

During which the general economic and financial situation in Libya was assessed, and the policies and measures taken during 2023 were discussed, in which a Libyan delegation representing the Central Bank of Libya, the Ministries of Finance, Economy, Trade, Planning, Labor and Rehabilitation, in addition to the teams of the Audit Bureau and the National Oil Corporation participated.

Article IV of the International Monetary Fund Establishment Agreement requires annual bilateral discussions with member countries, and a team of  the International Monetary Fund staff visits the member country and gathers the necessary economic and financial information.

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