World Bank/IMF to assess aid for Libya

2011-10-20 17:06

Washington - The International Monetary Fund and the World Bank have visited Libya and will return there in “coming weeks” to assess economic and financial needs, an IMF spokesperson said on Thursday.

Officials from the IMF and World Bank visited Libya earlier this month to conduct a fact-finding mission on the economy and public financial management issues, IMF spokesman Gerry Rice told reporters.

“Follow-up missions are planned to undertake a needs assessment,” he said but was unable to give dates for the next visits.

The next visit to Libya by the international institutions comes amid media reports that deposed Libyan leader Muammar Gaddafi had been killed on Thursday near Sirte although details were still unclear.

The World Bank said in September it had been asked to repair water, energy and transport sectors as Libya’s ruling National Transitional Council focuses on rebuilding Libya.

After four decades of Gaddafi’s personalised rule, Libya does not have a regular state structure and state services are poorly run. There were attempts under Gaddafi to modernise the oil-based economy and government services by passing laws to attract investment but much of the effort was wasted.

  • mb curtains - 2011-10-20 17:20

    this would be more correct to state world bank/imf want to fill coffers by stealing from Libya Cant wait to see the Chines Counter Offer

  • Libertador - 2011-10-20 20:08

    This is the biggest heist in history by western institutions. What happened to all these funds. What does Libya need the IMF and the World Bank for, organisations that keep the majority of African countries in debt. Libya has never had to work with these vampire institutions in the past. In total, there are an estimated $100 billion of Libyan funds that have been frozen by governments, two-thirds of that sum held in the United States, Britain and Germany. Sources that have been working with the NTC believe there is up to $160 billion in total sovereign assets. The north African state is, for example, the world's 21st largest holder of gold bullion, worth $8.6 billion at the end of 2010. The Libyan Investment Authority, the sovereign fund, has been an active investor in the western property market with London a favorite port of call. Unlocking those funds will take longer if it is indeed necessary to liquidate them at this point in time

  • Xolisa - 2011-10-21 13:56

    privatisation here we come *smh*

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