Libya beyond the Revolution: Challenges and Opportunities

Libya’s popular revolution of 2011 has unleashed the potential for more diverse and inclusive growth. In the short term, the country faces the complex and costly tasks of rebuilding its economy, infrastructure, and institutions, and responding to the demands of its population, especially for improved governance. The conflict that accompanied the revolution had a severe impact on the economy, which is heavily dependent on hydrocarbons, but the contraction is expected to be temporary. The restoration of hydrocarbon production is already well advanced, and reconstruction efforts will boost non-hydrocarbon output growth in the coming years. Libya’s wealth opens a choice of paths for the future: it can fall into the trap of many resource-rich countries that have become overly reliant on revenues from finite natural resources and failed to diversify their economies, or it can pursue a course of sustainable, inclusive development led by increased private-sector activity

Treasury Single Account

A treasury single account (TSA) is an essential tool for consolidating and managing governments’ cash resources, thus minimizing borrowing costs. In countries with fragmented government banking arrangements, the establishment of a TSA should receive priority in the public financial management reform agenda. Drawing on the lessons of the Fund’s work in several countries in establishing a TSA, this paper explains its concept, essential features, and potential benefits. It also presents alternative models and approaches for designing a TSA that take into account specific country contexts as well as the preconditions and desirable sequencing for its successful implementation. Finally, the paper includes country examples from different regions in support of the analysis and recommendations.Liquidity management;Treasury management;Revenues;Payment systems;Payments arrangements;Government expenditures;banking, payments, bank accounts, cash management, banking system, rtgs, banking services, cash flows, checks, bank account, accounting systems, banking sector, payment system, accounting system, credit, banking network, electronic fund, clearing house, bank of england, electronic banking, settlement system, bank branches, banking infrastructure, retail banking, custody, decentralization, savings bank, management information system, banking systems, cash flow statements, banking practices, cash payments, banking business, banker, bank transfer, banking operations, bank acts, national bank, automated clearing house, real time gross settlement, bank statements, clearing systems, banking transaction, banking fees, current ? accounts, retail transactions, government finance, credit cards, settlement risk, administrative cost, bank fees, banking service, prices, banking industry, royalties, clients, bank records, interbank money market, bank checks, pension payments, banking institution, bank activity, banking facilities, protocols, banking transactions, check processing, bank charges, bank system, bank of indonesia, penalties, clearing system, bank services, banking companies, time deposit, revenue sharing, interbank market, cash flow forecasting, bank statement, internal control, banking technologies, banking networks