METAC’s resources are available for diagnostic work to identify and design measures needed to strengthen specific aspects of economic and financial governance; preparing detailed implementation plans based on the diagnostic work conducted by TA departments at IMF Headquarters; reviewing proposals or assessments by governments and other donors for consistency with internationally agreed standards, and coordinating activities with other TA providers; providing policy and technical advice either by the Center’s own advisers or by consultants hired by METAC; and organizing training courses, seminars, workshops and dissemination of best practices.

Banking Supervision

METAC is assisting with the implementation of a strategic plan to strengthen banking supervision and build up the capacity of banks’ examiners. The plan covers the development of financial statements and supervisory reports in accordance with the International Accounting Standards and the International Financial Reporting Standards. METAC developed also prudential regulations in line with the Basel Core Principles for Effective Banking Supervision.

Public Financial Management

The Libyan authorities intend to develop a strategy for reform building upon the advice provided by the IMF in April 2006. METAC is prepared to provide assistance with this strategy and with technical support for some of the projects that are identified. In 2009, no other donors with major public financial management programs were involved in Libya.

Revenue Administration

METAC participated with an IMF headquarters mission for developing a strategy for modernizing tax and customs administration. Further IMF headquarters and METAC technical assistance is planned to support implementation of the strategy after it is endorsed by the authorities.

Multisector Statistics

METAC is providing assistance in the areas of prices (improving the Consumer Price Index and setting the base for the Producer Price Index) and balance of payments statistics. In particular, METAC is working with the authorities on improving data in the area of foreign direct investment and other financial account transactions, and on the initiation of the compilation of international investment position statistics.

Central Bank Accounting (Ceased in October 2009)

Major reform of the Accounting and Internal Audit functions is being undertaken in Libya with assistance from METAC. METAC’s accounting expert conducted several missions to the Central Bank of Libya. Also, METAC provided short-term experts to redesign the Chart of Accounts, assist further with the development of the risk based audit function, self accounting of the branches, and to study the implementation of IBAN.