Fiscal Year 2025
Capacity Development Activities
Central Bank Operations
Improving Foreign Reserve Management
At the request of the Central Bank of Libya (CBL), METAC provided an off-site mission in Tunis during 24-28 June on enhancing the CBL’s foreign reserve management and bringing it in line with international best practices. The mission team concentrated on structural features of a reserve management framework to incorporate economics and financial logic into the existing framework. Furthermore, the mission team stressed the importance of completing the CBL’s foreign exchange management documentation with a Foreign Reserve Strategy to strengthen the link between the CBL’s monetary policy objectives and foreign reserve management.
Public Financial Management
Restore Core PFM Functions
During June 23-27, a joint FAD/METAC team met with officials from the Libyan Government of National Unity (GNU) Ministry of Finance in Tunis, Tunisia. The activity focused on strengthening budget preparation processes amid ongoing political instability and fragmentation. Key recommendations included formalizing the budget timetable, developing a Fiscal Strategy Paper, and enhancing budget transparency through the publication of key budget documents that are already being produced. The mission also highlighted the role of the medium-term fiscal framework in guiding budget discussions and improving fiscal planning. Despite the challenges faced in Libya, officials were confident they would be able to implement achievable and practical improvements in the budget preparation processes.
