Libya's economy is projected to rebound in 2025, due to an expected increase in its oil production following disruption in output last year that hit growth, the International Monetary Fund has said while urging more reforms.
The country's real gross domestic product grew 2.4 per cent last year after a healthy 10.2 per cent in 2023, rebounding from a recession-riddled 2022. That growth was supported by increased oil production, made possible by an improved security situation, as well surges in private consumption and exports, IMF data shows.
Real GDP growth this year will also be boosted by the non-hydrocarbon sector, which is forecast to remain around its 2021-2024 average growth rate of between 5 and 6 per cent amid steady government spending, the Washington-based fund said in a statement concluding its delegation's mission to the Opec member.
The IMF did not provide a figure for its forecast, which it expects to moderate in the medium term. It previously projected 2025 real GDP growth at 13.7 per cent, which would be the highest in the Middle East and North Africa region.
However, its latest outlook is still subject to factors including Libya's political environment, intensifying regional conflicts and oil price volatility.
"The current account and fiscal balances are slated to remain under pressure over the medium term, driven by projected lower oil prices and continued demands for the government to spend its entire revenues," the IMF said.
Inflation, meanwhile, hovered near 2 per cent in 2024, reflecting extensive subsidies and affected by measurement inaccuracies, the IMF said. The country's consumer price index was based on an outdated consumption basket that covered only Tripoli, probably leading to an imprecise estimation of inflation.
"Substantial fiscal efforts will be needed to preserve sustainability and achieve intergenerational equity, including by introducing well-calibrated and orderly wage and energy subsidy reforms and mobilising nonhydrocarbon revenues," the IMF said.
Libya’s economy is heavily dependent on oil and gas. In 2023, the sector accounted for about 97 per cent of the country's exports, more than 90 per cent of fiscal revenue and 68 per cent of GDP, according to data from the African Development Bank Group.
However, Libya's situation has remained unstable, which has the potential to turn off companies from investing in the country. The political and stability situations may cause oil price fluctuations, which may potentially harm the security of investments and profitability, the IMF said.
That instability spilled over into the oil sector last year. In December, Libya's National Oil Company was forced to declare force majeure at its Zawiya Refinery after clashes inflicted damage in the facility, adding to its economic woes.
In January, Libya was, for the first time, allowed by the UN to reinvest proceeds from the $70 billion of assets bought with its oil wealth since sanctions were imposed in 2011.
Tripoli is also working to stabilise its private sector, despite continuing political uncertainty and weakness of the regulatory framework for businesses.
"The lack of access to finance and foreign currency, dominance of public employment and poor governance are major impediments to growth in Libya," the IMF said.
"The authorities should initiate a comprehensive economic reform plan that focuses on private sector development, starting with upgrading regulatory frameworks, enhancing access to finance and improving the security situation."
Libya's banking sector, meanwhile, was able to "successfully" boost its capital and financial soundness metrics, with significant improvements in non-performing loan ratios, the IMF acknowledged.
Results
5pm: Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Gurm, Antonio Fresu (jockey), Eric Lemartinel (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m; Winner: Al Nafece, Al Muatasm Al Balushi, Mohammed Ramadan
6pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,200m; Winner: Ashton Tourettes, Adrie de Vries, Ibrahim Aseel
6.30pm: Arabian Triple Crown – Group 3 (PA) Dh300,000 (T) 2,200m; Winner: Ottoman, Adrie de Vries, Abdallah Al Hammadi
7pm: Liwa Oasis – Group 2 (PA) 300,000 (T) 1,400m; Winner: Hakeemat Muscat, Szczepan Mazur, Ibrahim Al Hadhrami
7.30pm: Handicap (TB) Dh80,000 (T) 1,600m; Winner: Ganbaru, Antonio Fresu, Musabah Al Muhairi
ZAYED SUSTAINABILITY PRIZE
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Most sought after workplace benefits in the UAE
- Flexible work arrangements
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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WHAT ARE NFTs?
Non-fungible tokens (NFTs) are tokens that represent ownership of unique items. They allow the tokenisation of things such as art, collectibles and even real estate.
An NFT can have only one official owner at one time. And since they're minted and secured on the Ethereum blockchain, no one can modify the record of ownership, not even copy-paste it into a new one.
This means NFTs are not interchangeable and cannot be exchanged with other items. In contrast, fungible items, such as fiat currencies, can be exchanged because their value defines them rather than their unique properties.
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Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
The five pillars of Islam
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The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
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Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Key facilities
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- Premier League-standard football pitch
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- 600-seat auditorium
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- An elevated football field that doubles as a helipad
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Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
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