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Central Bank of Libya holds numerous meetings at IMF/WB Spring Meetings in Washington DC

bySami Zaptia
April 18, 2024
Reading Time: 4 mins read
A A
CBL receives results from meetings with international banks

The Central Bank of Libya (CBL) held numerous meetings at IMF/WB 2024 Spring Meetings (17 – 19 April) in Washington DC.

The Atlantic Council
Starting its rounds of meetings early, CBL Governor Saddek El-Kaber and his accompanying team held a roundtable meeting with the Atlantic Council at the latter’s DC headquarters on Monday 15 April.

At the meeting, the latest developments in the Libyan economic and political situation, supporting the National Oil Corporation to maintain and increase oil production rates, working in coordination with the Finance Committee of the House of Representatives to approve a unified budget for the Libyan state, the policies of the Central Bank in facing challenges to maintain the financial sustainability of the Libyan state, and international geopolitical changes, were the most important. topics of discussion.

USAID
On the same day, the Governor and his team discussed with the United States Agency for Development (USAID) the technical support programmes it provides to the Central Bank of Libya in several areas for the various departments of the unified Central Bank, developments in the economic situation, and the challenges facing the Central Bank of Libya to maintain the financial sustainability of the Libyan state.

USLBA
Also on Monday, the Governor and his team met with the American Libyan Business Association (USLBA), in the presence of major American companies in the field of oil and gas, money transfers, electronic payment, communications, health, and consulting, to discuss the opportunities available to American companies to work in Libya. The CBL also urged the American government To encourage American companies to work in Libya in the fields of energy, infrastructure, communications, health, education, services, oil and gas, and renewable energies. The CBL also stressed the importance of the role of the Central Bank of Libya and the banking sector in supporting this trend and providing the regulatory environment and infrastructure in the field of automation of banking and financial services and electronic payment.

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African Advisory Group at the International Monetary Fund
On Tuesday 16 April the CBL Governor and his team participated in the high-level meeting of the African Advisory Group at the International Monetary Fund, in the presence of the Executive Director of the International Monetary Fund, Ms. Kristalina Georgieva, and the Governors of central banks on the African continent. At the meeting, frameworks for strengthening public finances and development in Africa and dealing with complex crises in the global economy and the African continent, and the procedures related to dealing with them were discussed.

The IMF
On the same day at a meeting with the IMF at its DC headquarters, the Governor and his team discussed climate change, strengthening the regulatory framework for digital technology, and the role of the International Monetary Fund in strengthening partnerships with the African countries. The discussion also included supporting them in taking further macro reform measures in light of the indicators of recovery witnessed by Africa, achieving growth rates in most African countries, and declining inflation rates and the public debt ratio.

Executive Director of the World Bank Group
On Tuesday 16 April the CBL Governor and his team met with Tauqir Shah, Executive Director of the World Bank Group Office, at the World Bank headquarters in Washington, DC. During the meeting they discussing the latest developments in the economic and financial conditions in Libya, the role of the Central Bank in maintaining financial sustainability, the challenges of central banks in the countries of the region in confronting inflation, and their role in promoting sustainable growth and economic diversification, supporting small and medium enterprises, digitizing the economy and expanding the scope of financial inclusion and electronic payment methods.

High Level meeting
The CBL Governor and his team and the Tripoli based Finance Minister Khaled Al-Mabrouk met on Wednesday 17 April with the high-level meeting with Kristalina Georgieva, Executive Director of the International Monetary Fund, central bank governors, finance ministers of North African, Middle and Near Eastern countries, and heads and directors of Arab financial institutions within the (MENAP) group at the International Monetary Fund, at the International Monetary Fund headquarters in Washington, DC.

The meeting examined the prospects of the global economy, the slowdown in growth rates, and the situation in the American economy with American interest rates remaining high and their impact on stimulating investment and attracting investments. They also discussed the fears of countries in the region about the repercussions of weak global growth, especially for low-income countries, and the effects of climate change on the global economy, and a review of the experiences of countries in the region and the lessons learned from addressing the financial crises and the structural reforms adopted by some countries.

Governor of the Central Bank of Turkey
On the same day the CBL Governor and his team met Fatih Karahan, Governor of the Central Bank of Turkey where they discussed continuing coordination and enhancing cooperation between the two banks and exchanging experiences in all fields. The economic and financial conditions in the two countries and the challenges facing the central banks in the region were also discussed.

Governor of the Central Bank of Tunisia
The CBL Governor and his team also met on 17 April Fathi Nouri, Governor of the Central Bank of Tunisia. During their Washington DC meeting they discussed the latest developments in the economic and financial conditions in the two countries, the importance of coordination to confront the challenges facing the two banks, and the continuation of cooperation and exchange of experiences between the two banks.

Director of the Maghreb and Malta Region at the World Bank
On Wednesday 17 April the CBL Governor and his team also met Jesko Hentachel, Director of the Maghreb and Malta Region at the World Bank, and his accompanying team.

At the meeting they discussed the role of the World Bank in reconstruction and economic development in countries of the world, providing support and advice to countries affected by natural disasters, developments in the Derna reconstruction file, capacity building for financial institutions, and the role of the Central Bank in maintaining the financial sustainability of the country.

US Federal Reserve
On Wednesday the CBL Governor and his team also met with a high-level team from the US Federal Reserve, which is the correspondent bank for all financial transfers in the dollar currency.

In the meeting they discussed strengthening existing cooperation, discussing some questions and inquiries about some financial transfers, procedures and controls for credits and due diligence procedures, anti-money laundering and terrorist financing issues, building human capabilities in relevant fields, and clarifying the efforts of the Central Bank of Libya in strengthening compliance procedures, especially related to external financial transfers and expressions.

They also discussed the Federal Reserve’s continued support for the prospects for cooperation and its development with the Central Bank of Libya in all areas that serve the interests of both parties.

Tags: CBL Central Bank of LibyaCBL Governor Saddek ElkaberIMF World Bank Spring Meetings

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