Friday, September 12, 2008

Quality of Fiscal Data in Libya

The fiscal information system remains fragmented and inconsistent with international standards, since it was designed for administrative reporting under the government finance law, rather than for purposes of providing timely statistical information for economic planning and analysis. However, there has been significant improvement in this area. Monthly and quarterly data for key components of revenue and expenditure are being reported to staff on a regular basis.

To improve the fiscal data, the 2005 STA mission recommended: (i) adopting centralized management of all budgetary central government accounts at the ministry of finance; (ii) expanding coverage of central government accounts by including extrabudgetary and local government operations; (iii) developing GFS metadata on concepts, scope, classifications, basis of recording, data sources, and statistical techniques for posting on the GDDS website; (iv) adopting the Fund’s 2001 Government Finance Statistics Manual (GFSM) as a coherent methodological framework for the production and dissemination of monthly, quarterly, and annual fiscal data. This would promote the recording of all assets and liabilities on accrual basis and at market values. To this end, STA has trained two CBL staff, one in 2007 and one in 2008.

Source: Socialist People's Libyan Arab Jamahiriya: 2008 Article IV Consultation-Staff Report

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