Libya: Technical Assistance Report—Public Financial Management Reform Priorities in the New Environment

February 5, 2013

Preview Citation

Format: Chicago

Libya: Technical Assistance Report—Public Financial Management Reform Priorities in the New Environment, (USA: International Monetary Fund, 2013) accessed December 23, 2024

Summary

Libya faces a number of challenges to establishing a robust, efficient, and transparent public financial management system. There is a need to establish a clear macrofiscal policy framework. The Sovereign Wealth Fund (SWF) should be a financing fund system with clear and rigid inflow and outflow rules and should be based on clear and regulated investment criteria. Under the existing legal and regulatory framework, budget expenditures cannot exceed the initial ceilings specified in the annual budget law. This should be strictly enforced.

Subject: Budget execution and treasury management, Budget planning and preparation, Expenditure, Fiscal accounting and reporting, Fiscal policy, Public financial management (PFM)

Keywords: Budget allocation, Budget classification, Budget decision making, Budget execution and treasury management, Budget integration, Budget planning and preparation, Budget preparation, Budget process, Cash management, Commercial bank, CR, Execution report, Fiscal accounting and reporting, Fiscal year, Global, Internal audit, ISCR, Natural resource, Reserve account, Strategy paper

Publication Details

Pages:

62
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2013/036
Stock No:

1LBYEA2013001
ISBN:

9781475528954
ISSN:

1934-7685

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