Lebanon seeks new IMF deal to revive economy
Lebanon’s finance Minister, Yassine Jaber said on March 12th that a new agreement would be reached between his country and the International Monetary Fund (IMF), as reported by The New Arab.
In a released statement, the finance ministry announced the deal.
Meanwhile, the head of the IMF mission, Ernesto Ramirez Rigo, previously urged Lebanon to implement a financial reform plan to support the country to come out of its financial struggles.
Lebanese President, Joseph Aoun, has assured the IMF of his commitment to carrying out the reforms.
Jaber said: “I expressed the Lebanese government’s determination to carry out all necessary reforms – not because anyone demanded it, but because the country itself needs these reforms.”
Lebanon reached a draft agreement with the IMF in 2022 for financial support. But as of yet, Lebanon has failed to implement the required reforms for the deal.
An IMF delegation will meet with Jaber, Prime Minister Nawaf Salam and parliament speaker, Nabih Berri, to talk about the details of the economic plan and required measures.
Ultimately, the agreement aims to ease pressure on Lebanon’s struggling economy, which has suffered severely since its 2019 financial system collapse.
Israel’s attack on the country has exacerbated the crisis, causing an unparalleled economic decline.
Therefore, the IMF loans are crucial for Lebanese financial stability.
The New Arab
