The International Monetary Fund has warned that Lebanon is still facing enormous economic challenges four years after the country's historic meltdown began.
to quickly implement economic and financial reforms, warning that the central bank won’t offer loans to the state and doesn’t plan on printing money to cover the huge budget deficit to avoid worsening inflation.
Lebanon is in the grips of the worst economic and financial crisis in its modern history. Since the financial meltdown began in October 2019, the country’s political class — blamed for decades of corruption and mismanagement —Lebanon started talks with the IMF in 2020 to try reach an approved bailout, but since reaching a, the country’s leaders have been reluctant to implement needed reforms.
“Lebanon has not undertaken the urgently needed reforms, and this will weigh on the economy for years to come,” the IMF statement said. It added that the lack of political will to “make difficult, yet critical, decisions” to launch reforms leaves Lebanon with an impaired banking sector, inadequate public services, deteriorating infrastructure and worsening poverty and unemployment conditions.
It said that although a seasonal uptick in tourism has increased foreign currency inflows over the summer months, receipts from tourism and remittances fall far short of what is needed to offset a large trade deficit and a lack of external financing.The Associated Press is an independent global news organization dedicated to factual reporting.
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