BEIRUT, March 29, 2022 (Xinhua) Lebanese President Michel Aoun discussed today (Wednesday) with a delegation from the International Fund for negotiations with the government on the financial and economic recovery plan in Lebanon, according to the Lebanese presidency.
A statement issued by the Lebanese presidency stated that President Aoun met today at Baabda Palace, the head of the International Monetary Fund mission, Ernesto Rigo Ramirez, where they presented the stages of negotiations with the Lebanese government, and the Fund’s vision in order to contribute to Lebanon’s overcoming the current crisis.
The statement added that Ramirez briefed the Lebanese president on the results of the existing contacts with the Lebanese government on the subject of the financial and economic recovery plan.
He pointed out that the delegation “noted progress in the negotiation process that would lead to the initial signing of a memorandum of understanding before signing the final contract.”
The IMF delegation requested “a commitment from the presidents of the republic, parliament and the cabinet to move towards completing the required reforms for the full plan, especially the adoption of the Capital Control and the introduction of amendments to the banking secrecy law, and the restructuring of the financial and banking sector, including the Bank of Lebanon, to be at the level of governance standards.” .
The International Monetary Fund has previously expressed its willingness to help Lebanon develop an integrated recovery program that will enable it to face the current financial and economic crisis, including reforms in the public finances, the banking sector, the central bank, structural reforms and monetary policy.
Earlier this month, a team from the International Monetary Fund visited Beirut for two days to determine the necessary steps to reach an agreement on the Fund’s program to assist Lebanon in the financial and economic recovery plan.
At the conclusion of the visit, the International Monetary Fund called on Lebanon to pass some legislation before presenting its reform program to the Executive Board of the Fund for final approval.
The Lebanese government, headed by Najib Mikati, began in early October to hold talks with the International Monetary Fund after stopping them with the resignation of Hassan Diab’s government in August 2020.
Lebanon is going through an unprecedented economic and financial crisis, classified by the World Bank as one of the worst crises the world has witnessed during the past 150 years. /ts/