GNU says recent IMF report "praised" recovery of Libyan economy

Alwasat - Cairo Sun 28 May 2023, 06:48 PM
alwasat radio

Libya's Government of National Unity (GNU) reported recent data from the International Monetary Fund (IMF), saying it "praised the performance of the Libyan economy," due to the positive impact of the recovery in oil prices, and budget surpluses during 2021 and 2022.

According to a government statement, the IMF report said "Libyan authorities have finally made tangible progress towards improving data exchange and collection and achieving the principle of transparency."

The Fund added that oil prices witnessed a recovery between 2021 and 2022, which led to a surplus in the budget and pointing to a relative decline in inflation.

The report said that the Central Bank of Libya was also able to maintain a large stock of international reserves, supported by a combination of a fixed exchange rate and capital controls, according to the GNU  statement.

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