Lebanon Just Restarted Negotiations With The IMF

Lebanon is set to receive more than $1 billion from the International Monetary Fund (IMF) as Special Drawing Right this week
IMF

The Lebanese authorities just restarted negations virtually with the International Monetary Fund (IMF) as of January 24th, aiming to reach an agreement for financial support between January and February.

The Lebanese government had previously tried to negotiate with the IMF but disagreements erupted over the numbers of the losses and how they should be distributed.

Prime Minister Najib Mikati had earlier said that the financial recovery deal will include a fair distribution of losses suffered by the financial system.

The Lebanese government has convened again on Monday to also discuss the 2022 budget, but matters related to the recovery plan have yet to be made public; if any.

The IMF is demanding several reforms, including unifying the many official and unofficial exchange rates, cutting unnecessary subsidies, and administrative reforms that are drying up the Lebanese reserves.

The Lebanese people have been waiting for effective results from the negotiations with the IMF. Some civic organizations have also warned the IMF about the must to ensure that the funds go to the people and are properly managed under certain principles to avoid corruption and the misuse of the funds.

Since the start of the economic crisis, the negotiations with the IMF have been “on and off” for the past two years with no outcome whatsoever while the country endures “one of the world’s worst crises since the mid-nineteenth century,” as noted by the World Bank.

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Lebanon Just Restarted Negotiations With The IMF

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