Result Based Management Framework - METAC

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Outcomes
The main outcomes that are expected to be achieved as a result of the TA provided by
METAC are the following:
The CBL has an adequate supervisory reporting system that allows for effective
supervision of banks’ activities and monitoring of their financial performance.
The CBL has a good system of offsite and onsite supervision that is risk-based and
that is aligned with the best practices and international standards.
The CBL has in place a comprehensive regulatory framework that covers the main
aspects of banking activities and which contributes positively to the stability of the
financial system.
The CBL has a good regulatory and supervisory framework for supervising the
Islamic banking activities in the Libyan financial sector.
Outputs
The main outputs of the TA in relation to onsite and offsite supervisory functions at the
CBL would be as follows:
Develop new supervisory returns sent by the banks to the CBL and update the
prudential reports currently produced by the offsite analysis function.
Assist in drafting new and updated risk-focused manuals for the onsite and offsite
supervision of banks.
Deliver on-the-job training to CBL onsite supervisors to apply effectively the new
manuals and approaches.
The main regulations that will be needed to enhance the regulatory framework at CBL are
the following:
Regulations on internal control and internal audit.
Regulations setting policies and procedures for the performance of the external
audit function at banks.
Regulations setting controls and limits over related party transactions.
The main outputs related to the supervision of Islamic banking activities in Libya would
be the following: