The International Monetary Fund (IMF) said that Libya’s gross domestic product recorded growth of 10% last year, largely due to the recovery of oil production after the halt in 2022.
The IMF expected that Gross Domestic Production would grow to 8 percent in 2024, in the final statement of its experts report after discussions that lasted 10 days, on Article 4 for the year 2024, with the Central Bank, the Audit Bureau, the National Oil Company, and several concerned financial authorities.
The IMF also expected oil production to reach 1.5 million barrels per day by 2026, explaining that 2023 witnessed a decline in government revenues, despite the simultaneous increase in oil production.
While the Fund welcomed the recent steps to withdraw certain banknotes from circulation, namely the decision to withdraw the 50 dinar note, it warned of the need for the Central Bank to secure means of payment.
The IMF indicated the possibility of amending the temporary tax on the foreign exchange rate – if necessary – imposed by the Central Bank at a rate of 27% on all foreign exchange purchases in early 2024.
