The Socialist People’s Libyan Arab Jamahiriya: Selected Issue: Medium-Term Economic Reform Strategy, and Statistical Appendix

IMF Staff Country Reports, April 10, 2006

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Aim: Present a medium-term reform strategy that could be pursued by Libya to accelerate its transition to a market economy.
Coverage:
- Reviews the main characteristics of the Libyan economy.
- Assesses medium-term prospects under current policies.
- Examines priority reforms to accelerate transition to a market economy while maintaining macroeconomic stability.
- Reviews a second set of reforms to consolidate the reform process and advance restructuring of the economy in favor of the non-oil sector.

Macro-structural diagnosis:
- Main characteristics of the Libyan economy.
- Medium-term prospects under existing policy settings.
Priority reforms (first-stage):
- Reforms needed to accelerate transition to a market economy.
- Measures aimed at maintaining macroeconomic stability during the transition.
Consolidation and restructuring (second-stage):
- Reforms to consolidate the reform process.
- Reforms to advance restructuring in favor of the non-oil sector.

Subjects: Balance of payments, Bank resolution, Banking, Commercial banks, Economic sectors, Expenditure, Financial crises, Financial institutions, Foreign direct investment, Privatization.
Keywords: Bank resolution, CBL authority, Commercial banks, CR, Foreign direct investment, GDP, government, government buy-back, government policy, ISCR, Libya, Maghreb, Middle East, net creditor position, oil revenue, Privatization.