Publication: Socialist People's Libyan Arab Jamahiriya : A Public Expenditure Review, Volume 3. Annexes and Statistical Appendix
Date
2009-09-30
ISSN
Published
2009-09-30
Author(s)
World Bank
Abstract
Libya's 2008-12 development
programs is the biggest and most ambitious Public Investment
Program (PIP) ever. Public expenditure has also been
pro-poor. Past outcomes show that Libyan authorities have
worked on their macroeconomic and social fundamentals, so as
to have a solid base to sustain its steady progress toward
building a market-based economy and reintegrating into the
world economy. Making optimal use of a sizable public
expenditure, and especially public investment, is an
essential component of achieving this strategy. The reports
built upon the framework of fiscal management in
oil-dependent economies, which features three parts. The
first deals with collecting and saving oil revenues, leading
to one stream of a large literature exploring both fiscal
sustainability and the pros and cons of alternative models
of an oil stabilization fund. The second deals with
development spending, leading to a second stream of a large
literature assessing standards in public investment and the
many effects of sizable public investment programs. The
third deals with financing current spending, such as wages,
subsidies, or social programs, addressing the ongoing civil
service reform and the Wealth Distribution Program (WDP).
Citation
“World Bank. 2009. Socialist People's Libyan Arab Jamahiriya : A Public Expenditure Review, Volume 3. Annexes and Statistical Appendix. © Washington, DC. http://openknowledge.worldbank.org/entities/publication/d41ce771-4d61-583e-a6e6-840ee41083f6 License: CC BY 3.0 IGO.”