The International Monetary Fund announced today, Thursday, that it had reached a preliminary agreement with the Lebanese authorities on an aid plan worth three billion dollars over four years.
Ramirez Rigo, who headed the IMF delegation to Lebanon, said in a statement that if the plan is approved by the fund’s management and board, the aid sent to Lebanon will fall within the framework of “supporting the reform authorities’ plan to restore growth and financial stability.”
The statement stated that the Lebanese authorities had agreed to carry out “several decisive reforms”, before the meeting of the International Financial Corporation’s board of directors.
In March, a delegation from the International Monetary Fund began a new mission in Lebanon, which is mired in an unprecedented economic crisis, as part of negotiations to reach an agreement on a financial recovery plan.
Lebanon has witnessed since the year 2019 economic collapse Unprecedented, the World Bank ranked it among the worst in the world since the middle of the last century. This is accompanied by political paralysis that prevents taking reform steps to reduce the deterioration and improve the quality of life of the population, more than 80% of whom live below the poverty line.
In 2020, Lebanon defaulted for the first time on its foreign debt.