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Washington (AFP) – The International Monetary Fund on Thursday announced further progress in talks with Lebanon and indicated its desire to reach an agreement with the Lebanese authorities, although “important work” remained to be done.
An International Monetary Fund delegation began a new mission in Lebanon on Wednesday, at a time when Beirut hopes to reach an initial agreement on an aid program in the midst of an unprecedented economic crisis.
“Obviously I cannot go into the details of these discussions, but it is clear that they (members of the mission) are working with the authorities to formulate a reform program that helps Lebanon and the Lebanese people,” IMF spokesman Gerry Rice said during a press conference.
“We really hope we do,” Rice added.
He also pointed out that the talks are progressing “well”, but “important work is needed in the coming period because … Lebanon’s challenges are deep and complex, and require time and commitment.”
This is the third mission the International Monetary Fund has undertaken to Lebanon since talks began on January 24 on support measures to lift the country out of the economic collapse that has plunged nearly 80 percent of the Lebanese into poverty.
Jerry Rice added that the team, which is currently in talks with the Lebanese authorities, “discuss the latest economic developments and how the International Monetary Fund can support the country.”
He pointed out that the International Monetary Fund will announce the results at the end of the mission.
HE Al-Shami, Deputy Prime Minister who heads the Lebanese delegation responsible for negotiating with the International Monetary Fund, told AFP on Wednesday that he hoped to reach a “preliminary agreement” at the conclusion of the two-week mission.
On February 11, the International Monetary Fund published its roadmap for Lebanon, which defaulted on its sovereign debt in 2020 for the first time in its history.
The institution called for financial reforms to ensure the ability to bear the burden of debt, rebuild the financial sector, reform public institutions, and resolutely combat corruption.
The Fund has repeatedly stressed that it will not provide financial support unless the Lebanese government agrees to implement ambitious reforms necessary to extricate the country from the economic stagnation in which it has plunged.
© 2022 AFP