IMF says more progresses needed on Lebanon's banking sector reform
The International Monetary Fund on Friday said Lebanon's bank restructuring law remains a key sticking point as Beirut looks to secure a new economic reform programme with the multilateral lender. The fund said progress was made in discussions on the country's banking sector restructuring strategy during a November 11-13 staff-level visit to Lebanon and that further engagement is expected to…
The International Monetary Fund (IMF) has expressed the need for more progress on Lebanon's banking sector reform, specifically pointing to the implementation of the Bank Resolution Law and the Financial Stabilisation and Deposits Recovery Law. During a staff-level visit to Lebanon from November 11-13, the IMF noted that discussions on the country's banking sector restructuring strategy had made some headway, but further engagement is expected.
IMF mission chief Ernesto Ramirez Rigo emphasized that these laws are essential for restoring financial stability and maximizing deposits recovery. Lebanon's economy collapsed in 2020, leading to hyperinflation, high unemployment, and a surge in poverty, with depositors unable to access their savings. The IMF remains committed to supporting Lebanon in its efforts to design and implement a comprehensive economic reform program.
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