Lebanon’s Finance Minister Yassine Jaber announced optimism about a new IMF deal amid ongoing economic challenges. Discussions with IMF officials emphasize the need for significant financial reforms, which Lebanon’s leadership has committed to implement. Future talks are scheduled with key governmental figures as well as a proposed reconstruction initiative from the World Bank.
Lebanon’s Finance Minister, Yassine Jaber, has expressed optimism regarding the establishment of a new agreement with the International Monetary Fund (IMF). This statement comes after his discussions with an IMF delegation, which articulated the need for a unified financial reform package essential for the stabilization of Lebanon’s economy amidst its ongoing crisis.
President Joseph Aoun met with the IMF mission leader, Ernesto Ramirez Rigo, who emphasized the importance of implementing proposed reforms. President Aoun concurred and reiterated Lebanon’s commitment to advancing these structural changes to facilitate a final agreement enabling access to IMF loans.
The ongoing discussions will extend to Prime Minister Nawaf Salam and Parliament Speaker Nabih Berri, focusing on the details of the economic plan and requisite measures for reform. The full scope of the proposed reforms remains undisclosed due to the substantial restructuring needed, exacerbated by economic losses from regional conflicts.
Lebanon has faced a severe economic crisis since 2019, resulting in the collapse of its financial system and a subsequent sovereign default. Although a draft agreement with the IMF was reached in 2022, its finalization is contingent upon the implementation of previously agreed-upon reforms.
Minister Jaber highlighted the Lebanese government’s resolve to pursue essential reforms, stating that these actions are driven by the country’s needs rather than external pressures. The government also discussed upcoming priorities with the IMF, including the appointment of a central bank governor.
Jaber indicated that the IMF is expected to return to Lebanon in early April, contingent upon the appointment of a new central bank governor. Additionally, Prime Minister Nawaf Salam revealed that the World Bank is proposing a $1 billion reconstruction program, which includes a $250 million loan to initiate recovery efforts.
In summary, Lebanon’s Finance Minister Yassine Jaber signifies a hopeful outlook for a renewed IMF deal aimed at economic revival through comprehensive reforms. The commitment from Lebanon’s leadership underscores the urgency for necessary structural changes to restore stability and access financial assistance. Continued dialogue with the IMF and support from the World Bank further emphasize the strategic steps Lebanon is taking towards recovery.
Original Source: news.az
