News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Beirut
28
o
Bekaa
19
o
Keserwan
29
o
Metn
29
o
Mount Lebanon
23
o
North
30
o
South
27
o
Live
Video
Audio
Schedule
shows
العربية
watching now
Alakat Khassa
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
28
o
Bekaa
19
o
Keserwan
29
o
Metn
29
o
Mount Lebanon
23
o
North
30
o
South
27
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Documentaries
Lebanon’s Centennial
News Bulletin
The Untold History
Talk Show
Series
Sports
Variety
Other
Comedy
Oldies
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
IMF warns Lebanon is at a 'very dangerous moment'
Lebanon News
2023-03-23 | 09:25
High views
Share
Share
4
min
IMF warns Lebanon is at a 'very dangerous moment'
The International Monetary Fund (IMF) warned on Thursday that Lebanon's progress for reforms has been slow considering "how complicated the situation is," adding, "one would have expected more in terms of implementation and approval of the legislation," IMF mission's chief Ernesto Rigo said, noting a "very slow" progress.
During a news conference in Beirut, the IMF mission's chief said the Lebanese authorities should accelerate the implementation of conditions set for a $3 billion bailout.
The IMF has urged Lebanese authorities to accelerate reform implementation to access relief funds, highlighting that "everybody will have to take losses" because of Lebanon's severe economic crisis.
The organization warned Lebanon to stop borrowing from the Central Bank, stating that the country is in a "very dangerous situation" a year after Lebanon committed to reforms it failed to implement.
In a press release, the IMF stated that during a visit to Beirut to conduct the 2023 Article IV consultation, the International Monetary Fund (IMF) mission assessed the economic situation and discussed policy priorities, as Lebanon has been facing an unprecedented crisis that caused a "severe economic dislocation" and a "triple-digit" inflation.
Due to the crisis, IMF reported that banks could not extend credits to the economy and bank deposits, adding that the "presence of a large number of refugees exacerbates Lebanon's challenges."
Despite the difficult situation, Lebanon has had limited progress in economic reforms implementation, stating that some economic trends remain negative, including the Inflation "in triple digits," the collapse in budget revenue, and the banking sector, which is under "enormous strain with an eroding capital position and substantial unrealized losses looming ahead."
It added that "the weak external position and ad hoc monetary policy decisions have led to a steady decline in foreign reserves to about US$ 10 billion as of December 2022 (excluding gold), compared to US$36 billion before the crisis."
During its visit, the mission highlighted the urgency of implementing a package of comprehensive and needed reforms, which includes a medium-term strategy to restore debt sustainability and Lebanon's adoption of a 2023 Budget that uses a unified exchange rate for customs and tax purposes.
The IMF also urged for the "effective implementation" of a strategy that requires the amendment of the Banking Secrecy Law, as "relevant agencies should have access to data on individuals' transactions and deposits at the client level […] to increase transparency, the special audit of the central bank should be published."
The organization called to ease pressures on the Central Bank's FX reserves and "pave the way for a market-determined exchange rate."
The International Monetary Fund also urged for public finance management (PFM) framework that ensures oversight of public finances, the reform of state-owned enterprises, and enhancing governance, anti-corruption, and anti-money laundering/combating the financing of terrorism (AML/CFT) to earn the trust of government policies and develop inclusive growth.
The IMF concluded by stating its commitment to supporting Lebanon and continuing its engagement with authorities through policy advice and technical assistance. Still, this support will depend on Lebanon's implementation of a comprehensive reform program.
Breaking Headlines
Lebanon News
IMF
Lebanon
Crisis
Reform
International Monetary Fund
Next
Presidential elections 101: Who are the two candidates ahead of the next presidential elections session?
Pierre el-Daher, the man who defeated the Lebanese Forces
Previous
Recommended For You
d-none hideMe
0
Lebanon News
08:57
Speaker of Parliament Berri: Call for presidential election remains open, dialogue and successive sessions expected
Lebanon News
08:57
Speaker of Parliament Berri: Call for presidential election remains open, dialogue and successive sessions expected
0
Lebanon News
05:59
Major fire breaks out on outskirts of Naqoura, South Lebanon, due to Israeli drone
Lebanon News
05:59
Major fire breaks out on outskirts of Naqoura, South Lebanon, due to Israeli drone
0
Lebanon News
05:46
Firefighters persist in containing Yohmor Al Shaqif fire in South Lebanon following Israeli artillery shelling
Lebanon News
05:46
Firefighters persist in containing Yohmor Al Shaqif fire in South Lebanon following Israeli artillery shelling
0
Lebanon News
04:29
Israeli artillery shelling in Yohmor Al Shaqif, South Lebanon, causes fires near homes
Lebanon News
04:29
Israeli artillery shelling in Yohmor Al Shaqif, South Lebanon, causes fires near homes
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
World News
2024-08-26
Russia attacked energy facilities in west Ukraine causing outages
World News
2024-08-26
Russia attacked energy facilities in west Ukraine causing outages
0
Lebanon News
03:23
FPM leader Bassil tells Hezbollah: We support you in defending Lebanon, not in starting wars
Lebanon News
03:23
FPM leader Bassil tells Hezbollah: We support you in defending Lebanon, not in starting wars
0
World News
2024-08-27
Ukraine issues new air alerts a day after 'massive' Russian attack
World News
2024-08-27
Ukraine issues new air alerts a day after 'massive' Russian attack
0
News Bulletin Reports
2024-07-27
Paris Olympics 2024: France welcomes the world with mesmerizing Olympic opening on the Seine
News Bulletin Reports
2024-07-27
Paris Olympics 2024: France welcomes the world with mesmerizing Olympic opening on the Seine
Videos
d-none hideMe
0
News Bulletin Reports
2024-08-26
LBCI Exclusive: Canada's Ambassador to Lebanon supports UNIFIL mandate renewal, aims to strengthen LAF capabilities
News Bulletin Reports
2024-08-26
LBCI Exclusive: Canada's Ambassador to Lebanon supports UNIFIL mandate renewal, aims to strengthen LAF capabilities
0
Lebanon News
2024-08-25
Hezbollah reveals footage of strikes in second phase of 'Day of Arbaeen' operation
Lebanon News
2024-08-25
Hezbollah reveals footage of strikes in second phase of 'Day of Arbaeen' operation
0
Lebanon News
2024-08-25
Hezbollah publishes new video revealing Israeli sites targeted in retaliation for assassinating its commander Fouad Shokor
Lebanon News
2024-08-25
Hezbollah publishes new video revealing Israeli sites targeted in retaliation for assassinating its commander Fouad Shokor
0
Lebanon News
2024-08-19
Israeli strike targets car in southern Lebanon, leaving one dead and several injured (video)
Lebanon News
2024-08-19
Israeli strike targets car in southern Lebanon, leaving one dead and several injured (video)
0
News Bulletin Reports
2024-08-13
Lebanon's authorities uncover five bodies in Kfarshima house: Here are the details
News Bulletin Reports
2024-08-13
Lebanon's authorities uncover five bodies in Kfarshima house: Here are the details
0
Lebanon News
2024-08-11
Lebanese Army finds main body of missile from Israeli Strike in Miryata forests
Lebanon News
2024-08-11
Lebanese Army finds main body of missile from Israeli Strike in Miryata forests
0
Lebanon News
2024-07-31
Mohammed Khair: Nine buildings damaged in Israeli attack; demolition planned for severely affected ones
Lebanon News
2024-07-31
Mohammed Khair: Nine buildings damaged in Israeli attack; demolition planned for severely affected ones
0
World News
2024-07-21
Full Transcript: Trump's Coordinator of Arab Relations Discusses Plan to Win Arab Voters and Achieve Peace
World News
2024-07-21
Full Transcript: Trump's Coordinator of Arab Relations Discusses Plan to Win Arab Voters and Achieve Peace
0
Lebanon News
2024-07-18
Two dead in Israeli airstrike on Jmeijmeh, south Lebanon (Video)
Lebanon News
2024-07-18
Two dead in Israeli airstrike on Jmeijmeh, south Lebanon (Video)
Most read
d-none hideMe
24 hours
7 days
Month
1
Lebanon News
03:23
FPM leader Bassil tells Hezbollah: We support you in defending Lebanon, not in starting wars
Lebanon News
03:23
FPM leader Bassil tells Hezbollah: We support you in defending Lebanon, not in starting wars
2
Lebanon News
04:29
Israeli artillery shelling in Yohmor Al Shaqif, South Lebanon, causes fires near homes
Lebanon News
04:29
Israeli artillery shelling in Yohmor Al Shaqif, South Lebanon, causes fires near homes
3
Lebanon News
05:59
Major fire breaks out on outskirts of Naqoura, South Lebanon, due to Israeli drone
Lebanon News
05:59
Major fire breaks out on outskirts of Naqoura, South Lebanon, due to Israeli drone
4
Lebanon News
05:46
Firefighters persist in containing Yohmor Al Shaqif fire in South Lebanon following Israeli artillery shelling
Lebanon News
05:46
Firefighters persist in containing Yohmor Al Shaqif fire in South Lebanon following Israeli artillery shelling
5
Lebanon News
08:57
Speaker of Parliament Berri: Call for presidential election remains open, dialogue and successive sessions expected
Lebanon News
08:57
Speaker of Parliament Berri: Call for presidential election remains open, dialogue and successive sessions expected
6
Israel-Gaza War Updates
03:31
Axios: Gallant says Israel must choose between Philadelphi corridor and hostages
Israel-Gaza War Updates
03:31
Axios: Gallant says Israel must choose between Philadelphi corridor and hostages
7
Middle East News
03:02
CENTCOM says raid kills 15 ISIS members in Iraq
Middle East News
03:02
CENTCOM says raid kills 15 ISIS members in Iraq
8
Lebanon News
03:42
Israeli airstrikes target forests and outskirts in South Lebanon
Lebanon News
03:42
Israeli airstrikes target forests and outskirts in South Lebanon
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use
cookies
to make
your experience on this
website better.
Accept
Learn More