The International Monetary Fund (IMF) mission, after concluding its visit and consultations in Lebanon, revealed that the Lebanese authorities have not implemented the required urgent reforms, which will affect the economy for years to come. The IMF criticized the lack of political will to make difficult, but critical, decisions to initiate reform.
According to the IMF, the lack of political will to make difficult decisions weakens the banking sector, calling for comprehensive policy decisions to contain the fiscal deficit and start restructuring the banking system. There is an opportunity for comprehensive reforms to strengthen governance and accountability at the Central Bank of Lebanon, but the government needs to implement a coherent fiscal strategy to restore debt sustainability and make room for social and infrastructure spending.
Source (Al-Asharq Al-Awsat Newspaper, Edited)
