The GDP of the Arab country grew less in 2024 but is expected to advance this year based on the performance of the oil sector. Public spending also supports part of Libya’s economy.
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The adoption of a budget for the rest of 2025, capacity building for the Central Bank, and modernization of the tax and customs system were some of the measures agreed upon by the Syrian government and a team from the International Monetary Fund.
Ministers of Finance and of Economy and Trade convene with an International Monetary Fund delegation to come up with a growth strategy.
A delegation from the International Monetary Fund met with local authorities and highlighted the need for economic reforms so that the country can achieve greater growth.
The Arab African country recorded a decline in its economic activity in 2024 due to reductions in exports, imports, and lower credit lending.
A disruption in oil exports impacted the Arab country’s growth last year, but GDP is expected to benefit from the sector’s expansion in 2025, according to the IMF. Libyans are currently producing nearly 1.4 million barrels per day.
An International Monetary Fund report highlights the Gulf Cooperation Council nations’ strategies to increase the digital sector’s share of GDP and make it dominant in government services.
In a meeting with the cabinet, the president highlighted that the 2025 budget has been approved, and that the country should implement the suggestions made by the International Monetary Fund delegation.
The Brazilian Minister of Finance discussed his country’s economy during his speech at the IMF conference in Saudi Arabia, where he also held meetings with local ministers to discuss investments, trade, and cooperation.
Brazil’s Finance Minister Fernando Haddad spoke with Qatar’s Finance Minister Ali bin Ahmed Al Kuwari about ways to strengthen cooperation between the two countries. They met on Sunday (16) in Saudi Arabia during an IMF conference.
A report released by the International Monetary Fund on Tuesday (11) presents a projection of growth for the economy of the Arab country, mainly based on public investments, strong tourism, and the increase in natural gas production.
The outlook for this year points to expansion with controlled inflation, even amid rising domestic demand in the North African country.
The International Monetary Fund praises the country’s economic policy management and economic resilience but warns about regional instabilities and climate challenges.
The International Monetary Fund’s projection takes into account the resilience of the country’s maritime shipping sector, despite regional conflicts. The Port of Djibouti is the main driver of the local economy.
