Lebanon’s Finance Minister Yassine Jaber expressed optimism about a new IMF deal after discussions with an IMF delegation. President Aoun emphasized Lebanon’s commitment to necessary reforms to navigate the financial crisis. The IMF will continue talks with Lebanese officials to develop an economic recovery plan, amidst the backdrop of Lebanon’s significant economic challenges. A World Bank reconstruction program was also announced, further supporting recovery efforts.
Lebanon’s Finance Minister, Yassine Jaber, expressed confidence in establishing a new agreement with the International Monetary Fund (IMF) following his ministry’s meeting with a visiting IMF delegation. This dialogue, which also involved President Joseph Aoun, aimed to address the financial crisis by implementing essential reforms proposed by the IMF to secure loans necessary for economic revitalization. Aoun reinforced Lebanon’s commitment to these proposed measures during this critical discussion.
The IMF delegation will engage in discussions with Prime Minister Nawaf Salam and Parliament Speaker Nabih Berri to deliberate on the specifics of the economic recovery plan. Although the final reform strategy remains unclear, it is anticipated that comprehensive restructuring will be required, particularly in light of the economic losses exacerbated by external aggressions.
Lebanon has faced an economic crisis since 2019 due to a collapse in its financial system, leading to a sovereign default in 2020 and restricting access to deposited savings for ordinary citizens. Despite a tentative agreement with the IMF in 2022, it remains contingent on the execution of crucial reforms that have yet to be undertaken by the authorities.
Minister Jaber declared the government’s commitment to these reforms, emphasizing their critical necessity for Lebanon, independent of external pressures. He indicated that the government outlined its priorities to the IMF, including appointing a new central bank governor. Should this appointment occur, the IMF plans to revisit Lebanon in early April to continue discussions.
Additionally, Prime Minister Nawaf Salam announced that the World Bank had proposed a $1 billion reconstruction program, which includes a $250 million loan to support Lebanon’s recovery efforts. Further discussions with the IMF are scheduled for Thursday to facilitate strategic planning in light of these developments.
In conclusion, Lebanon’s finance minister, Yassine Jaber, is optimistic about a new IMF deal aimed at addressing the country’s ongoing economic crisis. The successful implementation of proposed reforms is critical for securing vital financial assistance. Collaborative efforts between government officials and the IMF will outline a strategic economic recovery plan, which includes significant international support for reconstruction, highlighting Lebanon’s commitment to resuming financial stability.
Original Source: news.az
