Key IMF demands unmet as Lebanon readies for US meetings

Report by Lea Fayad, English adaptation by Karine Keuchkerian

Lebanon was expected to attend next week's meetings in Washington with key reforms in hand, as requested by the International Monetary Fund (IMF). These included the passage of banking secrecy and bank restructuring laws in Parliament.

The country was also expected to finalize appointments to the Council for Development and Reconstruction. However, those steps remain incomplete.

The IMF had hoped Parliament would pass both laws ahead of the meetings but has acknowledged the government's efforts to prepare the legislation quickly. 

This message was relayed to the Lebanese delegation heading to Washington, including Lebanon's finance and economy ministers, the country's central bank governor, and advisers.

According to the Lebanese finance minister, Parliament Speaker Nabih Berri is pushing to pass the two laws before the end of the month.

Parliament's bureau is expected to place the amended banking secrecy law — approved last Wednesday by parliamentary committees — on the agenda for an upcoming vote.

Meanwhile, the bank restructuring law, approved by the Cabinet last Saturday, is headed to the committees for review before reaching the general assembly.

As for appointments to the Council for Development and Reconstruction, sources in the Lebanese delegation say the process is underway based on a government-approved mechanism. More than 600 candidates have applied, and their files are under review.

From Monday to Friday next week, in addition to meetings with the IMF, the Lebanese delegation will hold talks with international institutions, including the World Bank, to present the reform plan and assess readiness for support and reconstruction efforts. 

Meetings are also planned with global companies — some owned by Lebanese nationals — to explore potential investments in Lebanon.