IMF team will visit Lebanon next week to talk about the economy and rebuilding
A team from the International Monetary Fund (IMF) will visit Lebanon next week to meet with the new government and discuss the country’s economic problems.
IMF Visit to Lebanon
IMF Communications Director Julie Kozack said on Thursday that a team from the IMF will visit Lebanon from March 10 to 14. The team will study the country’s economy and its rebuilding needs.
She also mentioned that in the future, the IMF might help Lebanon create a full economic reform plan.
Last month, Reuters reported that Lebanon’s new government plans to negotiate a new program with the IMF while dealing with its financial crisis and debt.
Lebanon has been facing a serious economic crisis since 2019, when its financial system collapsed due to huge government debts. In 2020, the country failed to pay its debts, causing banks to freeze people’s savings.
In 2022, Lebanon and the IMF reached a draft agreement for financial help, but the deal did not go through because the government failed to implement promised reforms.
Political Changes in Lebanon
Lebanon’s political deadlock ended in January when Joseph Aoun was elected President and Nawaf Salam was chosen as Prime Minister. A new 24-member cabinet was formed in February.
Yassine Jaber, a former minister, was appointed as the finance minister, an important role in helping the economy recover.
Since October 2022, Lebanon had no president or fully functioning government because political groups could not agree on a candidate.
In February, Kozack said the IMF is willing to help Lebanon but warned that the country faces major challenges.
Reconstruction Efforts
The World Bank is creating a $1 billion fund, called the Lebanon Emergency Assistance Program (LEAP), to help rebuild the country, Jaber told Reuters last week.
A report from the World Bank in November estimated that the recent conflict with Israel has caused $8.5 billion in damages and economic losses. This includes $3.4 billion in damage to buildings and $5.1 billion in lost economic activity.
Published: 7th March 2025
For more article like this please follow our social media Twitter, Linkedin & Instagram
Also Read:
Emirates invests $5B to upgrade 220 planes amid delays
Dubai’s Tabreed raises $700M via Green Sukuk for expansion
Airbus to build A400M parts, open training center in UAE
