Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund, revealed that the government of Lebanon needs to endorse a rescue plan that rebuilds confidence in the economy and addresses the root causes of the country's financial crisis.
Azour emphasized, "The priority for the IMF is the need for the government to adopt a rescue plan that will rebuild confidence in the Lebanese economy and contribute to improving the status of citizens," noting that "the most important need to address the structural imbalances that have brought the country to what it reached at the economic and financial levels."
An unprecedented financial and economic crisis has been ravaging Lebanon for months, which has devalued its currency in half, raised prices and fueled unrest and popular protests.
According to a draft bailout plan put forward by the government this month, which is still under discussion, Lebanon will need foreign assistance between $10 billion and $15 billion, and that the IMF’s funding could play a role.
Lebanon has requested technical assistance from the International Monetary Fund and not a financing program conditional on reforms. The Lebanese state has not yet decided on whether to turn to the IMF, although expectations indicate that this is the only way through which Lebanon can get help.
Ghazi Wazni, the Lebanese Finance Minister stressed that the government's plan will be in line with the recommendations of the International Monetary Fund.
Source (New Arab newspaper, Edited)
