FFA Private Bank Chairman Jean Riachi said, The situation is tense in Lebanon Two and a half years ago, the country failed to endorse any economic recovery plan.
Riachi added that the previous Lebanese government agreed two years ago with Lazar, and this plan stumbled due to pressure from banks and politicians who refused any reforms.
He explained that Lebanon is living in a new phase amid international pressures to approve reforms and agree with the IMF, noting that there is a political consensus for the agreement with the IMF, but “the lesson is the implementation of the reform programme.”
The International Monetary Fund announced last week, Reaching a draft agreement with the Lebanese authorities A $3 billion aid plan over 4 years.
If the plan is approved by the fund’s management and board of directors, the aid sent to Lebanon will fall within the framework of supporting the reform authorities’ plan to restore growth and financial stability.
Lebanon is subject to a number of conditions to obtain funds from the International Monetary Fund, including a strategy to restructure banks, including recognizing losses, protecting small depositors and studying the case of each bank separately.
