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Libya

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  • International Monetary Fund. Fiscal Affairs Dept.
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    Abstract

    Libya faces a number of challenges to establishing a robust, efficient, and transparent public financial management system. There is a need to establish a clear macrofiscal policy framework. The Sovereign Wealth Fund (SWF) should be a financing fund system with clear and rigid inflow and outflow rules and should be based on clear and regulated investment criteria. Under the existing legal and regulatory framework, budget expenditures cannot exceed the initial ceilings specified in the annual budget law. This should be strictly enforced.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=40298
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Staff Country Reports with number 13/36.

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    Length: 62
    Date of creation: 05 Feb 2013
    Date of revision:
    Handle: RePEc:imf:imfscr:13/36

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    Postal: International Monetary Fund, Washington, DC USA
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    Web page: http://www.imf.org/external/pubind.htm
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    Related research

    Keywords: Fiscal policy; Oil revenues; Sovereign wealth funds; Public finance; Financial management; Budgets; Budgeting; Accounting; Payment systems; Technical Assistance; Libya; budget preparation; medium-term fiscal framework; public financial management; budget execution; budget process; internal audit; budget strategy; budget circular; budget department; financial management information system; financial management reform; revenue projections; budget activities; financial management information; internal control system; budget planning; public financial management reform; government policies; internal control; treasury single account; public investment; treasury department; contingent liabilities; budget aggregates; public finances; public finance law; fiscal transparency; budget support; current expenditure; government finance statistics; budget surpluses; budget surplus; current budget; budget decision; audit institutions; budget classification; budgetary information; budget year; capital expenditure; revenue forecasting; budget preparation calendar; budget allocations; government finance; external audit; budgetary allocations; budget law; accounting standards;

    This paper has been announced in the following NEP Reports:

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