VOL. XLII

No. 18

3-May-1999

LIBYA

Libyan Economy Heavily Dependent On Oil But Reform Will HelpSays IMF Economist

The Libyan economy is still heavily dependent on the oilsector, which accounts for one quarter of gross domestic product (GDP),according to Mr. Garbis Iradian, Senior Economist at the International MonetaryFund (IMF) in his presentation at the conference on Libya in Geneva. Mr.Iradian explained that oil revenues contributed 50% of the government痴 incomeand close to 90% of export...