Libya resumes “Item 4 talks” with IMF
In a written statement from the Central Bank of Libya, it was indicated that the fourth point consultation on the Libyan economy, which was halted in 2013 for “security reasons”, has resumed and will continue throughout this week.
The talks were reported to have been held between the IMF delegation and the relevant institutions and ministries in Libya. Despite its continued membership, the IMF suspended its talks with Libya in 2013 due to war and security situations.
4. WHAT IS THE ARTICLE?
According to the founding agreement of the IMF, each member country must be regularly audited under the Article 4 Consultation Study.
The IMF carries out detailed reviews of the economic developments of each member (generally once a year) to guide the economic management of member countries and fulfill its duty to supervise the international financial system.
These studies are called “Article 4 Negotiations” since they are carried out within the scope of Article Four of the IMF Establishment Agreement. (AA)
Source: Sozcu
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