Lebanon is set to receive $860 million from the International Monetary Fund (IMF) within the coming two months.
The announcement was made by IMF Executive Director Mahmoud Mohieldin during a meeting with Lebanese President Michel Aoun on Wednesday afternoon.
Aoun and Mohieldin discussed the economic situation in Lebanon as well as the IMF’s role in supporting the crisis-hit country in its recovery plan.
“The International Monetary Fund will allocate $860 million to Lebanon out of a $650-billion program to be distributed to 190 countries over the next two months,” Mohieldin was quoted by the Lebanese Presidency as saying during the meeting.
On his part, President Aoun affirmed that Lebanon is going to implement an economic revival plan after the formation of the new government, “and welcomes any support provided by the Fund.”
Since the Lebanese economic meltdown started in 2019, the IMF has advised Lebanese officials to take various measures to alleviate the crisis and pave the way for effective recovery.
Most recently, after the Central Bank of Lebanon decided to allow depositors to withdraw U.S. dollars from their accounts on a monthly basis, the Fund warned that the move risks higher inflation in the country.
