Bloomberg News

IMF, World Bank to Start Dialogue With Libya’s New Government

October 05, 2011

(See EXTRA for more on the Middle East Turmoil.)

Oct. 5 (Bloomberg) -- The International Monetary Fund and the World Bank are about to send a joint team to Libya to make contacts with the transitional government, an IMF spokesman said.

The mission “will seek to establish dialogue with the new authorities and obtain data and facts from the authorities and other stakeholders to update the country’s macroeconomic framework,” Raphael Anspach, an IMF press officer based in Washington, said in an e-mail to Bloomberg News. The fact- finding mission will visit Libya “shortly,” he said.

More than six months of fighting to end Muammar Qaddafi’s 42-year rule have reduced oil output and disrupted power supplies in the country with Africa’s largest crude reserves. Libya’s economy suffered as much as $15 billion in damage during the conflict, according to Farhat Bengdara, the former central bank governor.

The transitional government sees no need to seek aid from the World Bank or the IMF, Wafik Shater, head of financial affairs for the country’s stabilization group, said in an interview last month.

--Editors: Gail DeGeorge, Scott Lanman

To contact the reporter on this story: Sandrine Rastello in Washington at srastello@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net


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