The Central Bank of Libya (CBL) published today December 5, 2023, the Revenue and Expenditure Statement.
The statement covers the period from 1st Jan to 30th November, 2023, and provides the details of all sectors.
For more details about the Central Bank of Libya’s statement on revenues and Expenditure (click here).
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H.E Mr. Saddek Omar Elkaber Governor of the Central Bank of Libya, and the deputy governor, Mr. Maree Muftah Al-Barasi, attended the final meeting of the IMF’ Mission for preparing of conducting the Article IV consultations in 2024, Thursday 16 Nov 2023. The preparatory meetings were conducted in Tunis during 13 to 16 November 2023 in attendance of the IMF experts, and the Central Bank of Libya’s team, with the participation of the Libyan Audit Bureau, the National Oil Corporation, and representatives of the Ministries of (finance Planning, Economy and Trade, Labor and Rehabilitation) and the Statistics and Census Bureau.
H.E the Governor stressed the interest of the CBL and all relevant State institutions in continuing to work and coordinate with all strategic partners, including the International Monetary Fund, to improve the State’s monetary, economic, and financial policies and ensure its adherence to international best practices and standards. In addition, the IMF mission commended the developed role of CBL for its control procedures, its information platforms to reduce banking risks, its strengthening of Anti-Money-Laundering and Counter-Financing of Terrorism systems (AML/CFT), its success in maintaining financial sustainability and monetary stability despite challenges, and the importance of stabilizing and increasing oil production and export. The IMF mission also emphasized the vision of the CBL to diversify sources of income, control and rationalize public expenditure and undertake fuel subsidy reforms.
With the participation of the Central Bank of Libya’s team, and the representatives from the ministries (Finance, Economy and Trade, Planning, Labour and Rehabilitation),and the Libyan Audit Bureau, the National Oil Corporation, the International Monetary Fund mission of experts continued the preliminary meetings towards Article IV consultations for 2024 for the third consecutive day in Tunisia, to discuss a number of topics, the most important of which are reviewing the observations of the Audit Bureau for 2022, reforming public finances and prioritizing spending, addressing imbalances in the structure of the public sector and enhancing private sector’s contributions, in addition to stimulating increased productivity and jobs quality.
The International Monetary Fund (IMF) mission to Libya continues holding meetings towards the preparations of conducting Article IV consultations in 2024 for the second day in Tunisia with the presence of the Central Bank of Libya (CBL) team and representatives from Ministries of (Finance, Economic and Trade, Planning, and Labour and Rehabilitation), National Oil Corporation and Libyan Audit Bureau, the meetings covered several topics such as; the flood disaster in Derna and other Aljabal Alakhdar Cities and the reconstruction efforts. Estimates and expectations of GDP, inflation rates, revenue for 2023 and the budget prospects for 2024, financial stability and sustainability of the state’s financial situation. Besides transparency of the fuel subsidies, diversification of revenues and reform of subsidies, taxes, and customs.
The International Monetary Fund (IMF) on Monday commenced its meetings for the preparations for the 2024 Article IV consultations, hosted by Libya, represented by the Central Bank of Libya (CBL) the Ministry of Finance (MOF), Libyan Audit Bureau (LAB), the National Oil Corporation (NOC), Ministry of Economy and Trade (MOET), Ministry of Planning (MOP), and Ministry of Labour and Rehabilitation (MOLR), till November16, 2023.
IMF experts are set to conduct a series of meetings with officials and specialists from CBL and a number of government institutions. The meetings will discuss the recent economic and financial developments, financial sector outlook: development and financing of small and medium enterprises (SMEs), strengthening general financial frameworks, enhancing financial stability and comprehensive and sustainable development, progress achieved in combating money laundering and terrorism financing, and strengthening of the national currency, beside other topics related to the financial, monetary and trading policies in Libya.
In the implementation of the Central Bank of Libya’s plan to adopt the application of the latest international standards to improve the level of performance of the Libyan banking sector, the Director of the Banking Supervision Department opened Thursday morning, 2nd of November 2023, the activities of the expanded meetings to implement the international financial reporting standards IFRS9 and AAOIFI30، with all the specific committees formed in the commercial banks operating in Libya. The meeting aimed to determine the readiness of banks, their needs, and the challenges they face, and this comes within the framework of the Banking Supervision Department’s plan towards enhancing the financial safety of banks by supporting their capital base and enhancing the level of disclosure and transparency.
In its first meeting since 2014, headed by the Deputy Governor, Mr. Maree Al-Barasi, and in the presence of all its members, the Board of Directors of the Depositors’ Money Fund held its meeting on Monday morning, 30th October 2023, inside the office of the Deputy Governor in the city of Tripoli.
The board reviewed the items of the meeting agenda and the memorandums presented by the Director General. The focus was on supporting the Fund’s resources and collecting the instalments due from some banks, in addition to building the capabilities of the Fund’s employees and enhancing cooperation with the Central Bank departments in reducing risks in the banking sector and ensuring the preservation of depositors’ rights.
H.E. Mr. Saddek Omar Elkaber, Governor of the Central Bank of Libya, delivered open remarks, on Monday. 30th of October 2023, in the second annual workshop entitled “Transformation to the latest Standards of Banking Supervision”, in attendees of the Deputy Governor Mr. Maree Moftah Al-Barasi, and Director of the Banking Supervision Department Mr. Naji Issa, along with other departments’ directors at the Central Bank of Libya, Chairmen, members of board directors, the CEOs of commercial banks, and the banks’ risk departments directors, and the heads of the units for implementing Basel principles. This workshop is organized by the Banking and Supervision Department, which is taking place in Corinthian Hotel, Tripoli, and will continue during the rest of this week.