Bangkok:The Governor of the Central Bank of Libya, Naji Mohamed Issa, met with Kenji Okamura, Deputy Managing Director of the International Monetary Fund (IMF), on the sidelines of the IMF and World Bank Annual Meetings held in Bangkok, Thailand.
According to Libyan News Agency, their discussions focused on the latest economic and financial developments in Libya, challenges facing the national economy, and the Central Bank's efforts to maintain monetary and financial stability. The meeting also reviewed strategies to enhance fiscal sustainability, balance monetary reserves with the local currency exchange rate, and support economic reforms in coordination with relevant institutions.
The meeting explored strengthening cooperation and partnership with the IMF, utilizing its expertise, technical assistance, and capacity-building initiatives. These efforts aim to develop Libya's banking sector, modernize payment systems, enhance financial inclusion, and refine monetary policy tools amidst ongoing institutional and financial divisions.
Governor Issa underscored the importance of ongoing coordination with the IMF to achieve economic and financial stability, boost confidence in the Libyan economy, and create conditions for sustainable growth.
Mr. Okamura praised the Governor's efforts in implementing economic reforms despite challenges facing the Central Bank. An agreement was reached to launch training and technical support programs for the Central Bank of Libya staff in the fourth quarter of this year. These programs will cover monetary statistics, balance of payments, foreign reserve management, and financial stability enhancement. A self-assessment of the Central Bank Transparency and Independence Code will be conducted, accompanied by training for the relevant team and a program on risk-based banking supervision. Specialists will also review key legislation, including the Anti-Money Laundering and Counter-Terrorism Financing Law and the updated Banking Law.
This meeting is the first in a series of bilateral discussions between the Governor and senior officials from the IMF and the World Bank, as well as other central bank governors and representatives of international financial institutions, to address mutual interests and strengthen international financial cooperation.