LIBYA | Overview
Official name: Libya
Official languages: Arabic
Monetary unit: Libyan Dinar (LYD)
Population (million): 6.2
Total area (sq km): 1,759,540
Located on the border of the Mediterranean Sea, between Egypt, Tunisia, and Algeria, the country is an upper middle-income country that is passing through periods of political volatility. Economic performance has approved and the GDP per capita has been increasing considerably over the last 10 years.
Over the medium term, a projected pace of stabilization and reform would release substantial growth potential. In the case of political stability, both the budget and current account balances will significantly improve, eventually turning into surpluses, allowing foreign reserves to stabilize. Current plan of the government is to manage fiscal spending pressures without compromising the need for rapid restoration and improvements in basic services and infrastructure. Other challenges that Libyan authorities deal with are the economic recovery, job creation and youth employment.
Year joined ICD:
Number of projects approved: 3
Gross Approval ($US million): 73.00
Gross Disbursement ($US million): 10.00