The International Monetary Fund (IMF) warned on Wednesday of delays in implementing reforms needed to unlock financial aid to Lebanon.
” Most of the reforms were not implemented” IMF chief Ernesto Ramírez Rico said at the end of his three-day visit to Lebanon, leading the fund’s delegation.
The International Monetary Fund announced an agreement with Beirut in April for $3 billion in aid in principle, spread over four years, but conditional on the implementation of key reforms.
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Among these reforms, Parliament’s approval of the 2022 budget, reform of the law on bank secrecy, restructuring of the banking sector and the law on capital controls.
” Despite the urgent need to take action to tackle the deepening crisis, the implementation of reforms (…) has been very slow.“, Ernesto Ramírez Rico said in a press release, noting that these “reforms are necessary” to read the IMF financial plan to help Lebanon, which is plunged into an unprecedented socio-economic crisis.