Lebanon’s Ministry of Finance announced that a new agreement will be made between Lebanon and the International Monetary Fund (IMF) to help solve the country’s economic crisis.
IMF Calls for Financial Reform Plan
The head of the IMF mission, Ernesto Ramirez Rigo, met with Lebanon’s President and said the country needs a clear financial reform plan to recover. President Aoun confirmed Lebanon’s commitment to making the necessary reforms.
Lebanon’s Economic Crisis Since 2019
Lebanon has been facing a severe economic crisis since 2019 when its financial system collapsed due to huge government debts. In 2020, the country failed to pay its debts, and many citizens lost access to their savings in banks. In 2022, Lebanon and the IMF reached a draft funding agreement, but it was never implemented because the government did not make the required reforms.
Officials response
Lebanon’s Finance Minister, Yassin Jaber, said his meeting with the IMF team was “good” and “honest.” Jaber said, “The Lebanese government is determined to make all necessary reforms, not because anyone is forcing us, but because the country needs them.” He did not share details about the new agreement but said the government is working on a new plan with the IMF, which is based in Washington, D.C. Jaber also said that Lebanon’s government shared its top priorities with the IMF, including appointing a new governor for the country’s central bank.
Next IMF Visit Planned for April
He added that the IMF will visit Lebanon again in early April if a new central bank governor is appointed. More talks with the IMF are also planned for Thursday.
