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The International Monetary Fund said that the opportunities for the Libyan economy will continue to depend on oil and gas production in the foreseeable future, expecting that hydrocarbon production will grow by about 15% in 2023, following an increase in oil production from one million barrels per day in 2022 to about 1.2 million barrels per day in 2023. , according to him.
This came in a statement by the Fund’s experts, following their consultations on Article 4 of 2023 with the Central Bank of Libya and the Court of Accounts in the Tunisian capital, during the period from March 11 to 17.
The International Monetary added that there is an urgent need for a clear national economic vision that ensures the focus of efforts in diversifying sources of income, warning of Libya’s delay in developing global trends, according to the statement.
The statement indicated that the measures taken by the Central Bank of Libya, which include reducing the exchange rate, have helped maintain a large balance of foreign exchange reserves, according to the statement.
The Fund stated that the turmoil in the country following the fall of the Gaddafi regime in 2011 led to the suspension of the preparation of basic economic indicators and the complexity of policy-making, noting at the same time the progress made by the country in strengthening data collection, exchange and transparency mechanisms, according to the statement.
It is noteworthy that the International Monetary Fund warned earlier that Libya would face enormous economic challenges, in light of the continued disintegration of state institutions with social challenges, and the tense political situation, according to its estimation.
It is noteworthy that the International Monetary Fund expected, in a report during the past year, positive indicators in the Libyan economy in the future, in terms of expected growth and inflation during the next year (2023), benefiting from the high global oil prices.
Source: International Monetary Fund + Libya Al-Ahrar