Libya

METAC is assisting with the implementation of a medium-term strategic plan to strengthen banking supervision which it helped to formulate. The plan covers the development of prudential regulations in with the Basel Core Principles for Effective Banking Supervision; chart of accounts, financial statements, and supervisory reports in accordance with the International Accounting Standards and the International Financial Reporting Standards; and staff training. METAC is currently the only technical assistance provider in banking supervision to Libya.

The Libyan authorities intend to develop a strategy for reform building upon the advice provided by the IMF in April 2006. METAC is prepared to provide assistance with this strategy and with technical support for some of the projects that are identified. There are no other donors with major public financial management programs in Libya.

METAC participated with an IMF headquarters mission for developing a strategy for modernizing tax and customs administration. Further IMF headquarters and METAC technical assistance is planned to support implementation of the strategy after it is endorsed by the authorities.

An IMF headquarters multisector statistics mission in 2005 - in which METAC participated - assessed the quality of the statistical system and proposed an action plan to strengthen it. METAC will provide technical assistance on the legal and institutional framework for statistics, national accounts, price indices, and in compiling metadata for Libya’s participation in the General Data Dissemination System (GDDS). METAC will also provide support for a long-term resident advisor providing assistance in implementing the SNA 93.