The Central Bank of Libya (CBL) has received an invitation to participate in an economic forum set to take place in Paris, France, on July 3rd.
According to a statement released by the bank on Saturday, the invitation was extended during a meeting between the Central Bank Governor, Sadiq Al-Kabir, and the French Ambassador to Libya, Mustafa Mehrach.
The meeting focused on enhancing and supporting cooperation between the Libyan and French central banks in various areas, including anti-money laundering, counter-terrorism financing, compliance, risk management, and improving cybersecurity capabilities.
The statement also noted that the invitation to the economic forum was aimed at bringing together local and international financial and economic figures.
Additionally, on Friday, the Central Bank confirmed the conclusion of its Article IV consultations with the International Monetary Fund (IMF), which took place over ten days in Tunis, Tunisia.
The sessions reviewed issues related to the economic and financial assessment of Libya and discussed fiscal and trade policies.
The IMF emphasized the need for Libya to diversify its income sources, streamline and rationalize public spending, address fuel subsidies, and implement urgent reforms in public finance.
According to the bank’s media office, the discussions focused on the CBL’s efforts to maintain financial sustainability despite significant challenges.
Additionally, the discussions covered the central bank’s efforts to enhance the infrastructure for effective banking supervision, as well as the status of the balance of payments and foreign exchange reserves, and an assessment of the banking sector’s condition.
The consultations also emphasized practical aspects of combating money laundering and terrorist financing, along with plans to expand into areas of financial technology and innovation.
The CBL initiated the 2024 Article IV consultations with the IMF, which are scheduled to continue over ten days.
