Libya Beyond the Revolution: Challenges and Opportunities

International Monetary Fund Middle East and Central Asia Department; ISBN: 978-1-61635-385-8

28 Pages Posted: 6 Nov 2017 Last revised: 13 Nov 2017

See all articles by Ralph Chami

Ralph Chami

International Monetary Fund (IMF)

Ahmed I. Al-Darwish

Government of the Kingdom of Saudi Arabia - Saudi Arabian Monetary Agency (SAMA); International Monetary Fund (IMF)

Serhan Cevik

International Monetary Fund (IMF)

Joshua Charap

International Monetary Fund (IMF)

Susan Mary George

International Monetary Fund (IMF)

Borja Gracia

Yale University

Simon Gray

International Monetary Fund (IMF)

Sailendra Pattanayak

Independent

Date Written: April 16, 2012

Abstract

In the aftermath of the revolution of 2011, Libya faces the complex task of rebuilding its economy, infrastructure, and institutions, and responding to the demands of the population, especially for improved governance. The conflict that accompanied the revolution had a severe impact on the economy, and international financial institutions have responded to the request of the Libyan authorities to provide policy consultations and technical assistance to help maintain macroeconomic stability. Libya's National Transitional Council (NTC) has taken steps to promote a peaceful political transition, normalize economic conditions, and set out a national reform agenda. In the short term, the authorities must restore security, bring hydrocarbon production fully online, exercise fiscal discipline, resuscitate the banking system, and maintain macroeconomic stability. Medium-term efforts should focus on capacity building, infrastructure renewal, private-sector development, improving education, job creation, and putting in place an effective social safety net, within a framework of transparent and accountable governance. This paper discusses the risks to economic recovery and measures to promote economic diversification and employment growth.

Suggested Citation

Chami, Ralph and Al-Darwish, Ahmed I. and Al-Darwish, Ahmed I. and Cevik, Serhan and Charap, Joshua and George, Susan Mary and Gracia, Borja and Gray, Simon and Pattanayak, Sailendra, Libya Beyond the Revolution: Challenges and Opportunities (April 16, 2012). International Monetary Fund Middle East and Central Asia Department; ISBN: 978-1-61635-385-8, Available at SSRN: https://ssrn.com/abstract=3064002

Ralph Chami

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States
202-623-6039 (Phone)
202-623-6068 (Fax)

Ahmed I. Al-Darwish

Government of the Kingdom of Saudi Arabia - Saudi Arabian Monetary Agency (SAMA) ( email )

Saudi Arabia

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Serhan Cevik (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Joshua Charap

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Susan Mary George

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Borja Gracia

Yale University ( email )

New Haven, CT 06520
United States

Simon Gray

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Sailendra Pattanayak

Independent

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