Finance Minister’s Push: Boosting Libya’s Private Sector with Global Partners

Libya's Minister of Finance, Khalid Al-Mabrouk, held discussions with Sergio Pimenta, Vice President for Africa at the International Finance Corporation (IFC), to strengthen Libya's private sector through enhanced partnerships. These talks, conducted during the World Bank and IMF annual meetings in Washington, emphasized the importance of private sector development to Libya’s economic recovery.

Al-Mabrouk outlined Libya's commitment to creating an enabling environment for small and medium-sized enterprises (SMEs) as pivotal to job creation and economic diversification. He emphasized that "Libya is open to forging new partnerships that can drive innovation and growth."

Pimenta highlighted the IFC’s longstanding dedication to private sector support across Africa, proposing that Libya could benefit from a series of programs targeting SME growth, particularly in underserved areas. As part of the discussions, the Ministry of Finance and IFC are exploring plans to host a forum centered on investment opportunities and private sector advancement within Libya, showcasing successful models from similar post-conflict economies.

Both the IMF and World Bank meetings featured in-depth discussions about fostering economic resilience, drawing on examples from nations in transition. Al-Mabrouk praised the international community’s ongoing support, noting that Libya is keen on "learning from global best practices in finance and economic policy" to address Libya's unique challenges.

These meetings are seen as a crucial step in reinforcing Libya's economic infrastructure, encouraging foreign investment, and building the foundation for sustained growth through multi-sectoral cooperation. The IMF and World Bank meetings also underscored the broader framework for Libya’s economic restructuring, pointing to fiscal policies that could stabilize inflation, bolster financial transparency, and support sustainable development.