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.