The Central Bank of Libya (CBL) said it would kick-start “Article IV” consultations with the International Monetary Fund (IMF) next May for the second year in a row.
This CBL announcement came during a meeting at the IMF’s headquarters in Washington D.C. on last Saturday, in the presence of the Governor Al-Siddiq Al-Kabir and IMF officials, according to a CBL statement.
The meeting discussed preparations for “Article IV” consultations for 2024, after their success last year. The meeting also reviewed the latest developments in the Central Bank’s unification process, the financial and economic conditions in Libya, the Central Bank’s measures to maintain the state’s financial sustainability, exchange rate stability, disclosure and transparency mechanisms, and technical support as well as training programs.
Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. IMF staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to IMF headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.
