Lebanon Finally Approves Financial Rescue Plan

IMF | AP Photo/Hussein Malla

On Thursday, April 30th, the government approved a much-needed economic rescue plan following pressures from protesters in the last couple of weeks.

PM Hassan Diab made the announcement on national television, congratulating Lebanon for its newly-approved economic plan that is expected to take the country off its miserable situation.

“This plan depends on six main interrelated components: financial, economic, the banking sector, and social security protection and development,” explained the PM.

According to the plan, Lebanon will apply for a program with the International Monetary Fund (IMF). If the IMF grants its support, the country can get through its economic crisis for up to five years.

The government will try to get a $10 billion loan from the IMF that will go to the implementation of the long-awaited reforms.

“The government’s economic rescue plan, which was approved today, also aims at unlocking the $11 billion pledged at the CEDRE conference in 2018,” tweeted a reporter for The Daily Star.

IMF

“I invite all Lebanese to consider today as a turning point for a better future of our country,” said Diab.

“The road ahead will not be easy, but our determination and optimism will help us overcome our difficulties as we look to better days ahead of us. If we all unite, we will reach the sure success that we see in our future,” he concluded.

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