IMF expects Libya’s economy to expand 16.7% in 2013

10 Mar 2013

(MENAFN) The International Monetary Fund (IMF) stated that in 2012, Libya’s economy expanded 121.9 percent, after contracting by nearly 60 percent in the previous year, reported Arabian Business.

Meanwhile, 2012’s inflation rate declined to 6 percent, and the IMF forecasts it to drop more in 2013.

The IMF attributed last year’s notable growth to the release of the country’s foreign assets that were frozen due to the UN sanctions.

It said that the release permitted the country’s central bank to grant liquidity to banks and made the commercial banking operations normal.

The fund said that Libya’s economy is recovering, noting that reconstruction and demand will boost spending.

It is worth noting that the IMF projects the North African country’s economy to expand by 16.7 percent in 2013.

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