Lebanon's caretaker economy minister says the crisis-hit country hopes to adopt key but long-delayed reforms demanded by the International Monetary Fund for an economic bailout before the end of next month if there is “political will.”
BEIRUT -- Crisis-hit Lebanon hopes to adopt key reforms demanded by the International Monetary Fund for a long-delayed but urgently needed bailout before the end of next month if there is “political will”, Lebanon’s caretaker economy minister said Tuesday.
Amin Salam spoke to The Associated Press after meeting with an IMF delegation that has been visiting Lebanese officials since Monday. The reforms would include restructuring the country's banking system and banking secrecy laws.
The small Mediterranean nation has been in the grips of a three-year severe economic crisis that has left three quarters of its population in poverty after the Lebanese pound lost more than 90% of its value.
Talks between Lebanon’s government and the IMF began in May 2020 and reached a staff-level agreement earlier this year in April.
The Lebanese government has implemented few of the IMF’s demands from the agreement, which lists five “key pillars” that should be implemented, before finalizing a bailout program. These include restructuring Lebanon's ailing financial sector, implementing fiscal reforms, the proposed restructuring of external public debt, and putting in place strong anti-corruption and anti-money laundering measures.