The International Monetary Fund (IMF) has called on Libya to diversify its economic strategic activities away from hydrocarbons, promote stronger and more inclusive growth, and set a clear economic vision for the country.
The IMF said in its report regarding the recent visit of its experts to Libya that Libya's short- and medium-term economic outlook is dominated by the dynamics of hydrocarbon production. Libya urgently needs a clear economic vision for the future, and the IMF will continue to help the authorities by providing capacity development support in several areas.
It called on the authorities to capitalize on Libya’s comparative advantages (location, landmass, natural resources, and access to energy and labour) to promote development of labour-intensive non-oil economic activity.
Economy
