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The Socialist People’s Libyan Arab Jamahiriya—2010 Article IV Consultation, Preliminary Conclusions of the (IMF) Mission October 28, 2010

The Socialist People’s Libyan Arab Jamahiriya—2010 Article IV Consultation, Preliminary Conclusions of the (IMF) Mission October 28, 2010

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Published by PT (aka Twah72)
IMF 2010 Report:
Libya’s economic growth and financial position are expected to strengthen.
The banking system is sufficiently capitalized with a regulatory capital ratio of 16.3 percent.
The external current account surplus is projected to increase to about 20 percent of GDP in 2010.
Net foreign assets of the Central Bank of Libya (CBL) and the LIA have consequently continued to increase, and are projected to reach $150 billion by end-2010 (the equivalent of almost 160 percent of GDP).
Oil production is projected to increase to about 2.5 million barrels per day by 2015.
Taking into account the authorities’ intention to continue to prioritize spending, the growth of public expenditure is expected to remain moderate at about 7 percent a year in nominal terms. This would also allow for nominal import growth of about 10 percent a year while maintaining current account surpluses of about 20 percent of GDP.
Such large surpluses imply correspondingly large increases in foreign assets, with the LIA and CBL’s portfolio projected to reach over $250 billion by 2015.

** No mention of the massive gold reserves
IMF 2010 Report:
Libya’s economic growth and financial position are expected to strengthen.
The banking system is sufficiently capitalized with a regulatory capital ratio of 16.3 percent.
The external current account surplus is projected to increase to about 20 percent of GDP in 2010.
Net foreign assets of the Central Bank of Libya (CBL) and the LIA have consequently continued to increase, and are projected to reach $150 billion by end-2010 (the equivalent of almost 160 percent of GDP).
Oil production is projected to increase to about 2.5 million barrels per day by 2015.
Taking into account the authorities’ intention to continue to prioritize spending, the growth of public expenditure is expected to remain moderate at about 7 percent a year in nominal terms. This would also allow for nominal import growth of about 10 percent a year while maintaining current account surpluses of about 20 percent of GDP.
Such large surpluses imply correspondingly large increases in foreign assets, with the LIA and CBL’s portfolio projected to reach over $250 billion by 2015.

** No mention of the massive gold reserves

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Published by: PT (aka Twah72) on Feb 19, 2013
Copyright:Attribution Non-commercial

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05/14/2014

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