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.
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.