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This report is intended to provide in one single document the background, principal recent and current World Bank activities and the proposed program of technical assistance to the Government in the area of public investment programming and management in post-revolution Libya. Aside from the convenience, both for the Bank and other international partners, of a synthesis of all major assessments and advice provided by the Bank in this central area of public sector management, this report shows the substantial continuity of diagnosis and assistance from the immediate aftermath of the Revolution through mid-2014. The first section recounts the early activities and, against that background, the second section summarizes the activities conducted and initial results achieved during FY2014. The concluding section lists the preliminary agreements with the Government on how to build on those initial results with complementary activities and deepening of a number of initiatives, specifically during FY2015 and with general indications for the subsequent years. The text of the report is limited to a summary of key issues and recommendations, with full details provided in the several annexes.

Accountability --- Accounting --- Capital Expenditures --- Competition --- Cost Recovery --- Cost-Benefit analysis --- Cost-Effectiveness --- Debt --- Decentralization --- Deficit --- Economic Recovery --- Expenditures --- Financial Management --- Fiscal Policy --- Fiscal Year --- Governance --- Macroeconomics and Economic Growth --- Municipal Governments --- Municipalities --- National Governance --- Public Expenditure, Financial Management and Procurement --- Public Finance --- Public Procurement --- Public Sector --- Public Sector Development --- Public Sector Governance --- Sanitation --- Transparency --- Uncertainty

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The limited access to bank credit in recent years has increased the pressure on small and medium size enterprises (SMEs), forcing them to scale down investment plans and production. This paper, which explores the macroeconomic implications of this channel, finds evidence that countries with high prevalence of SMEs tended to recover more slowly from the global financial crisis than their peers, implying that the interaction of the economic structure and access to bank financing plays a critical role in episodes of economic recovery. This conclusion is reinforced by a VAR estimation, which demonstrates that a negative credit supply shock applied to SMEs has an adverse effect on economic activity, and this impact is amplified in countries that have a high share of SMEs.

Financial crises --- Credit --- Recessions --- Global Financial Crisis, 2008-2009. --- Value added --- Small business --- Added value --- Manufacturing processes --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Business cycles --- Depressions --- Borrowing --- Finance --- Money --- Loans --- Banks and Banking --- Macroeconomics --- Money and Monetary Policy --- Economic Theory --- Industries: Financial Services --- Business Fluctuations --- Cycles --- Financial Crises --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Agriculture: Aggregate Supply and Demand Analysis --- Prices --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary economics --- Economic theory & philosophy --- Economic growth --- Banking --- Supply shocks --- Economic recovery --- Bank credit --- Economic theory --- Financial institutions --- Supply and demand --- Banks and banking --- United States