Lebanon reaches agreement with IMF on economic reforms | Business and Economy News
Beirut, Lebanon – Lebanon and the International Monetary Fund have reached a staff-level agreement on an economic reform plan for the crisis-hit country that could potentially unlock around $3bn of funding over several years.
The agreement comes as an IMF delegation wrapped up an 11-day visit to Lebanon on Thursday.
It is subject to approval by IMF management and the executive board, and the Lebanese authorities implementing a host of reforms, including restructuring the country’s collapsed banking sector, improving transparency mechanisms, and unifying multiple exchange rates to the spiralling Lebanese pound.
If the agreement is approved, the IMF could support Lebanon’s economic recovery with up to about $3bn worth of Special Drawing Rights (SDRs) over a 46-month period.
“The authorities recognise the urgent need to initiate a multi-pronged reform program to tackle these challenges, bring back confidence and put the economy…