BEIRUT —
The
International Monetary Fund (IMF) on Wednesday condemned Lebanon’s “very
slow” progress on implementing reforms needed to unlock a $3 billion loan
crucial to revive its battered economy.
اضافة اعلان
Lebanon and the
IMF reached a conditional agreement on the loan in April to help the country
stem its worst-ever economic crisis, which the World Bank has branded one of
the planet’s worst in modern times.
But Lebanon has
yet to enact the reforms needed to unlock the funds.
“Despite the
urgency for action to address Lebanon’s deep economic and social crisis,
progress in implementing the reforms ... remains very slow,” said Ramirez Rigo,
who headed an IMF delegation that visited Beirut this week and met with top
officials.
“The majority of
prior actions have not been implemented,” he said in a written statement,
adding that delays in implementation will “only increase the costs to the
country and its population”.
The IMF
conditioned the funds on a series of measures, notably parliament approving a
2022 budget and a reformed bank secrecy law as well as restructuring the
banking sector and the implementation of formal capital controls.
“Completion of
these and other prior actions is also needed for the IMF board to consider the
request for a financial program with Lebanon,” Rigo said.
Lebanon’s economy
minister
Amin Salam, who met with the delegation, said the IMF was pushing
Lebanon to enact reforms before the country heads for presidential elections in
the coming weeks.
“Before we enter
the period of presidential elections, we must try to enact those four”
measures, he told AFP.
The mandate of
President Michel Aoun ends on October 31 but there is no consensus on naming
his successor, as Lebanon’s economy continues to crash.
In a possible
protracted political deadlock, politicians have yet to agree on a new
government since the mandate of the outgoing cabinet expired in May.
Ministers are
currently operating in a caretaker capacity until a new team is formed.
Parliament has
also been gripped by political paralysis, with a session to approve the 2022
budget adjourned last week to September 26 due to lack of a quorum.
An IMF delegation is due
to return to Beirut in October to follow up on progress, Salam said.
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