Libya 2011 GDP halved, aid talk premature: IMF

Reuters, Wednesday 26 Oct 2011

Civil war has slashed Libya's economic output but country's oil resources and international assets mean IMF aid may not be necessary, says official

The International Monetary Fund (IMF) estimates that Libya's economic output will roughly halve this year because of the civil war that toppled former leader Muammar Gaddafi, a top IMF official said on Wednesday.

But it is not yet clear whether the country will need aid from the fund, because Libya can also count on the use of major international assets built up in past years, and on its oil output, Masood Ahmed, the IMF's director for the Middle East and Central Asia, told Reuters.

If Libya succeeds in reviving its oil output to 700,000 barrels per day by the end of this year, the country's economic recovery should be quite fast, he added.

He also said an IMF team was in Egypt updating its assessment of the country's financing needs, but that so far, the Fund had not received a request for aid from the North African country.  

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