Creating new perspectives since 2009

IMF asks Lebanon to speed up approval of economic plan

March 2, 2022 at 12:13 pm

International Monetary Fund (IMF) [Flickr]

The International Monetary Fund (IMF) has asked Lebanon to approve a comprehensive economic plan and reform laws, Anadolu reported.

This came during a meeting between an IMF delegation and Lebanese President Michel Aoun in the capital, Beirut, the presidency said in a statement.

According to the statement, the IMF delegation stressed the need to accelerate contacts with the government in order to reach practical results as required by the critical economic situation in the country.

The delegation added that “what is required at this stage is the adoption of a comprehensive economic plan and the cooperation of the parliament and ministers to approve the reform laws.”

OPINION: IMF’s tough terms deepen doubts over quick Lebanon bailout

Lebanese citizens should be informed of the reality of losses in the financial system, especially the gap in the Banque du Liban accounts, they added.

According to the statement, Aoun has informed the IMF delegation that Lebanon has no interest in delaying the completion of the financial and economic recovery plan, which requires the official authorities concerned with preparing this plan to speed up their work.

Aoun has also assured the IMF delegation that “reforms requested by the international community, whether regarding reforming the tax system, governance or the banking system, require clear and practical decisions because the option of waiting is costly for the citizen and the state alike.”

In early October 2021, Lebanon launched talks with the IMF after forming a new government headed by Najib Mikati.

Beirut is seeking to secure an aid programme from the IMF to get out of the severe economic and financial crisis that has afflicted the country since late 2019. The World Bank has described Lebanon’s economic crisis as one of the worst in the world over the last century.