IMF mission’s concluding statement has been published on the IMF’s official website.

Please click on the link to access the concluding statement:

https://www.imf.org/en/News/Articles/2024/05/10/mcs051024-libya-staff-concluding-statement-2024-art-iv-mission

H.E Mr. Saddek Omar ElKaber, the Governor of the Central Bank of Libya, met with Mr. Nicola Orlando, the European Union Ambassador to Libya on Wednesday, 8th of May, 2024. During their discussion, Mr. Orlando touched upon his visits to Derna and Benghazi, emphasizing the European Union’s role in providing advice and expertise for reconstruction efforts. The meeting also covered updates related to the approval of a unified budget, the withdrawal of the fifty-dinar denomination, and the imposition of fees on foreign currency sales. Additionally, the European Union expressed readiness to provide technical support to enhance the capabilities of Central Bank employees and the banking sector through training programs.

Continuing consultations Article IV 2024, the (IMF) met with technical teams from the Central Bank of Libya, the Ministry of Finance, the Ministry of Economy and Trade, the Ministry of Planning, the Ministry of Labor and Rehabilitation, the National Oil Corporation, and the Audit Bureau. on Wednesday, 8th of May 2024, the meeting was dedicated to reviewing the Audit Bureau’s report and assessing the overall economic and financial situation of the country for 2024.

On Wednesday, 8th of May, 2024, H.E Mr. Saddek Omar ElKaber, the Governor of the Central Bank of Libya, met with Dr. Martin Longden, the United Kingdom’s Ambassador to Libya. The meeting covered several topics, including unification process of the central bank, withdrawing the fifty-dinar banknote denomination from circulation, imposing fees on foreign currency sales, approving a unified budget, and addressing fuel subsidies. The British government expressed its support for the efforts of the Central Bank in maintaining financial sustainability and commended its role in ensuring stability within the country.

H.E Mr. Saddek Omar ElKaber, the Governor of the Central Bank of Libya, met with Mr. Khalid Shakshak, the Head of the Libyan Audit Bureau, on Tuesday, 7th of May, 2024. The meeting aimed to discuss several matters of public interest. These included the possibility of allocating financial resources within the unified budget to fund the development of parcel NC7 in the Ghadames Basin in the Al-Hamada region. Additionally, they addressed issues related to medical treatment abroad and sought solutions to the challenges faced in this regard. The meeting also touched upon the topic of fuel exchange.

H.E Mr. Saddek Omar ElKaber, the Governor of the Central Bank of Libya, invited, Mr. Mohammed Al-Manfi, the President of the Presidential Council, and the two deputies, Mr. Musa Al-Koni and Mr. Abdullah Al-Lafi, to discuss range of topics related to the political, financial, and economic situation.

On Monday, 6th of May, 2024, H.E Mr. Saddek Omar ElKaber the Governor of the Central Bank of Libya, held a video conference meeting with UN Security Council Sanctions Committee on Libya. in attendance of Deputy Governor Mr. Maree Al-Barasi and several department directors from the bank. This meeting is part of a series of meetings conducted by UN team before issuing its annual report on Libya and presenting it to the Security Council. The report covers several important topics, including the unification process and the challenges faced by the Central Bank of Libya in achieving financial stability. It also addresses the handling of counterfeit currency of unknown origin, foreign exchange sales restrictions, and the efforts of the central bank to enhance transparency and disclosure. Additionally, the frozen funds of the Libyan Investment Corporation, as per the Security Council’s sanctions decisions, are being closely monitored.

In the attandance of the Audit Bureau, the National Oil Corporation, and the Ministries of Finance, Economy and Trade, Planning, and Labor and Rehabilitation, along with the (CBL) 2024 consultations Article IV continue with (IMF) in Tunisia. This day is dedicated to discussing National Accounts, Gross Domestic Product, Public Finance, Tax reform, and proposed measures for financial reforms.

After conducting successful 2023 Article IV consultations last year, following the consultative meetings between H.E the Governor of the CBL with the IMF team during the annual meetings of the IMF and the World Bank in mid-April in the USA Washington, the 2024 Article IV consultations between the CBL and the IMF commenced this morning, Wednesday, May 1, 2024. These consultations will continue for ten days to assess the overall economic and financial situations, besides policies and measures taken during the year of 2023. Further, special technical teams representing the Ministries of; Finance, Economy and Trade, Planning, Labor, and Rehabilitation, along with teams from the Audit Bureau and the National Oil Corporation will participate in these consultations.

The Central Bank of Libya announces, to the honorable public, the issuance of Resolution No. (1) regarding the withdrawal of the first and second issues of banknotes in the denomination of fifty dinars from circulation, as of Sunday, April 21, 2024, given that it will be the last date for accepting the denomination of paper currency, withdrawn from circulation according to the aforementioned decision, at banks and their branches is the end of Thursday, August 29, 2024.

The crucial role of the Central Bank of Libya for monetary and financial stability in Libya. The latest developments regarding the unification process of the CBL, and the importance of approving a unified budget for the year 2024 in collaboration with the parliamentary finance committee and relevant parties. Further, the issue of the unidentified Libyan currency and its impact on the exchange rate in the parallel market, were the key topics discussed during the meeting between H.E Mr. Saddek Omar ElKaber, Governor of the Central Bank of Libya, and Mr. Emmanuel Suquet, Deputy Director of the North Africa and Middle East Department, at the Ministry of Foreign Affairs, and the French Ambassador to Libya, Mr. Mostafa Mihraje, in Paris on Friday, 8th of March 2024.

H.E Mr. Saddek Omar ElKaber, the Governor of the Central Bank of Libya, met with Mr. Paul Soler, Advisor to the French President and Special Envoy to Libya at the Élysée Palace in Paris on Friday, 8th of March 2024. The meeting was also attended by the French Ambassador, Mr. Mostafa Mihraje.
The meeting primarily focused on the latest developments related to the unification process of the Central Bank of Libya, and the efforts being made to approve a unified budget for the year 2024 in collaboration with the Parliamentary Financial Committee and relevant parties. Additionally, the Central Bank of Libya’s vision for fiscal restraint, ensuring financial stability and sustainability for the state, and the measures to be taken regarding the unidentified currency and its impact on the parallel market exchange rate were discussed. Furthermore, the role of France in supporting the Central Bank of Libya’s efforts in addressing economic and financial matters was also explored.