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Libya is highly dependent on exhaustible and volatile hydrocarbon resources, which constitute the bulk of government revenues. Although resource wealth provides the means to promote socio-economic development, procyclical fiscal policies threaten macroeconomic stability as well as fiscal sustainability and intergenerational equity. In three parts, this paper provides an assessment of the cyclically adjusted fiscal stance, analyzes fiscal sustainability according the permanent income framework, and simulates various fiscal policy rules with the objective of developing a rule-based fiscal strategy that would delink the economy from oil price fluctuations, improve the management of resource wealth, and safeguard macroeconomic stability.

Finance --- Funding --- Funds --- Economics --- Currency question --- Libya --- Lībiyā --- Jamāhīrīyah al-ʻArabīyah al-Lībīyah al-Shaʻbīyah al-Ishtirākīyah --- Libyan Arab Jamahiriya --- Jamahiriya arabe libyenne --- Libyen --- Libia --- Livii︠a︡ --- Popular Socialist Libyan Arab Jamahiriya --- Libië --- Socialist People's Arab Jamahiriya --- Socialist People's Libyan Arab Jamahiriya --- Luv --- Libye --- Jamahiriya arabe libyenne populaire socialiste --- Great Socialist People's Libyan Arab Jamahiriya --- Gran Jamahiriya araba libica socialista popolare --- SPLAJ --- Jamahiriya Arab Libyan Popular Socialist --- G.S.P.L.A.J. --- GSPLAJ --- Jamāhīrīyah al-ʻUẓmá --- Jamahiriya al-Arabiya al-Libiya al-Shabiya al-Ishtirakiya al-Uzma --- Great Socialist People's Libyan Arab Republic --- Grande Jamahiriya arabe populaire socialiste libyenne --- Mamlakah al-Lībīyah al-Muttaḥidah --- Grand Jamahiriya arabe libyenne populaire socialiste --- State of Libya --- Dawiat Libiya --- リビア --- Ribia --- ليبيا --- לוב --- Economic policy. --- Macroeconomics --- Public Finance --- Business Fluctuations --- Cycles --- Fiscal Policy --- Structure, Scope, and Performance of Government --- National Deficit Surplus --- Economic Development: Agriculture --- Natural Resources --- Energy --- Environment --- Other Primary Products --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Fiscal policy --- Expenditure --- Fiscal rules --- Fiscal stance --- Fiscal sustainability --- Expenditures, Public