BEIRUT: The International Monetary Fund (IMF) and Lebanon have reached an agreement at the staff level to supply the country with USD 3 billion over a 46-month period.
According to a statement released by the country's Council of Ministers, the agreement must be approved by the IMF management, as well as the Lebanese government and parliament, before being finalised by the IMF's executive board.
The Lebanese government decided to carry out several key reforms ahead of the IMF board meeting. Restructuring the financial sector to restore bank viability, restructuring external public debts, overhauling state-owned firms, and bolstering anti-corruption measures are among the reforms.
The International Monetary Fund trip to Lebanon was led by Ernesto Ramirez Rigo, who stated that once authorised, the finance scheme will "help the (Lebanese) authorities' reform approach to restore growth and financial sustainability."
Since late 2019, Lebanon has been immersed in a full-fledged financial crisis, with its national currency losing about 90% of its value on the parallel market. According to the United Nations, more than 74% of the Lebanese population lives in poverty.
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